Four Bharti Enterprises properties will have a 50% share purchased by Brookfield India

New Delhi, India, May 16: Bharti Enterprises (Bharti) has agreed to sell four premium Grade A properties to Brookfield India Real Estate Trust (BIRET) for a fifty percent share. BIRET made this announcement to the stock markets early on Thursday morning.

3.3 million square feet of premium commercial real estate, with an enterprise value of Rs 60,000 million, are part of the deal.

The preferred allocation of company units to Bharti, valued at Rs 300 per unit, will satisfy the whole equity consideration for the 50% interest.

With an equity holding of 8.53% in the company—which is India’s first 100% institutionally managed office REIT—Bharti will rank as the second-largest unitholder after this deal.

The portfolio of properties consists of the 700,000-square-foot Airtel Center in North Gurugram, the 1.4 million-square-foot Worldmark assets in Aerocity New Delhi, and the over 700,000-square-foot Worldmark Gurugram.

These properties are located in well-established office markets with first-rate connectivity, contemporary F&B options, and retail space.

Ankur Gupta, Managing Partner and Head of Real Estate for Brookfield’s Asia Pacific region, stated: “We are happy to expand our relationship with Bharti by including them as a major stakeholder in BIRET via this strategic initiative. We now have New Delhi in our portfolio thanks to this transaction, making BIRET the most diversified office REIT in India.”

“These high-quality assets with strong tenancy also increase our retail operating area to 1 million square feet.”

“With this transaction, Brookfield, through its two managed vehicles, will own a 100% stake in the four marquee assets originally developed by Bharti Realty,” said Harjeet Kohli, joint managing director of Bharti Enterprises. Bharti is thrilled to further its collaboration with Brookfield by acquiring a significant share of their listed portfolio of superior assets, holding a position of more than 8.5% in the REIT.”

According to Kohli, Bharti also intends to expand this collaboration via similar deals. Bharti is now investing a significant amount of money in a vast development pipeline that comprises more than 10 million square feet of Grade A commercial real estate assets in Aerocity, New Delhi.

Six sizable integrated office parks owned by Brookfield India are situated in India’s major cities, including Kolkata, Mumbai, Gurugram, and Noida. The overall leasable area in the Brookfield India REIT portfolio is 25.5 million square feet, of which 20.9 million are operational square feet, 0.6 million are under construction, and 4.0 million are possible future development spaces.

The Brookfield India REIT is supported by an affiliate of Brookfield, a globally recognized alternative asset manager with over USD 925 billion in assets under management, including real estate, infrastructure, renewable energy, private equity, and credit strategies. The asset management business of the affiliate is present in over 30 countries.

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