NEW DELHI: Global investment firm Brookfield has closed a deal to acquire a 51% stake in telecom tycoon Sunil Mittal-promoted Bharti Enterprises’ four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore.
Brookfield had agreed to buy a majority stake in the four commercial properties in April 2022. The four properties are Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana (Punjab).
Post the closure, Bharti will continue to own and operate its remaining commercial assets, which include approximately 10 million square feet of upcoming development in Delhi’s Aerocity. “This transaction with Brookfield for our marquee properties in North India is a significant milestone for us to partner with a global infrastructure investor with deep and rich experience and insights into real estate,” said Harjeet Kohli, Joint Managing Director, Bharti Enterprises, said.
Kolhi added that it would continue to develop more real estate assets to serve the growing demand for well-managed commercial real estate in India.Canada-based Brookfield, which launched India’s third Real Estate Investment Trust (REIT) in 2021, owns and operates over 50 million square feet of commercial real estate in Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata markets.
Ankur Gupta, managing partner, head of real estate, APAC region and country head - India, Brookfield, said, “High-quality real estate in global gateway markets and in particular, the Indian office market, continue to witness high demand from occupiers. We look forward to leveraging our global expertise to build future-ready office environments in India.”