NEW DELHI: Brookfield India Real Estate Trust (BIRET) has inked biding agreements to acquire a 50% stake in four Grade A assets from Bharti Enterprises. The acquisition includes marquee commercial properties of 3.3 million square feet, at an enterprise value (EV) of Rs 6,000 crore.
The total equity consideration for the 50% stake will be fulfilled via a preferential allotment of units in BIRET to Bharti, at Rs 300 per unit. Following this, Bharti will become the second-largest unitholder in BIRET, India’s only 100% institutionally managed office REIT, with an ownership stake of 8.53%, the two companies said in a joint statement.
The portfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million square feet, Airtel Center, a corporate facility of 700,000 square feet in north Gurugram, and Worldmark Gurugram, a mixed-use asset spanning over 700,000 square feet.
Brookfield Asset Management in a transaction had picked up 50% stake in Bharti Enterprises’ four commercial properties in Delhi-NCR last year. Harjeet Kohli, Joint MD at Bharti Enterprises, said, “Brookfield, via its two managed vehicles, will own 100% stake in the four marquee assets developed by Bharti Realty. Bharti to take its partnership with Brookfield forward via ownership in their listed portfolio of assets.”