Bharti, Brookfield form JV for four commercial properties
Bharti Enterprises and private equity fund Brookfield have entered into a joint venture agreement for four commercial properties with 3.3 million square feet space. Brookfield will pick up 51% stake in this venture with an enterprise value of Rs 5,000 crore.
Bharti Enterprises will continue with a 49% economic interest in the properties, while the fund’s real estate operating arm, Brookfield Properties, will manage the properties in future. The properties are Worldmark Aerocity in Delhi, Worldmark 65 and Airtel Center in Gurugram, and Pavillion Mall in Ludhiana.
Worldmark Aerocity is a mixed-use property of 1.43 million sq ft in Delhi NCR with a tenant roster comprising marquee financial services firms, global conglomerates and government undertakings. Airtel Center is a 700,000 sq ft corporate facility located in north Gurugram, and Worldmark 65 is another over 700,000 sq ft newly built mixed-use asset in south Gurugram.
Bharti Realty, the real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, which includes about 10 million sq ft of upcoming development in Delhi Aerocity, and will remain focused on developing premium quality commercial real estate development in key locations.
Harjeet Kohli, group director, Bharti Enterprises, said, “We remain confident on the commercial realty segment as India’s economy offers exciting growth opportunities ahead and will continue to invest meaningfully to scale up our assets.”
Ankur Gupta, managing partner, head of real estate (India and Middle East) and country head (India), Brookfield, said, “Today tenants have a heightened appreciation of the positive impact workspaces can have on employee well-being and we see tremendous opportunities for well managed commercial real estate due to this transformation.”
In India, Brookfield owns and operates 47 million sq ft of Grade A commercial real estate assets in six markets, including a large presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata. The transaction is subject to receipt of requisite regulatory approvals.
Check the source here –Source, Financial Express.