Brookfield and Bharti Enterprises enter into a joint venture for four marquee properties including Worldmark assets in Delhi Aerocity and Gurgaon
Brookfield will manage the operations with a 51% stake while Bharti Enterprises will retain a 49% stake
New Delhi, April 1, 2022: Bharti Enterprises and Brookfield, have entered into a joint venture agreement for four high quality commercial properties totalling to 3.3 million square feet. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).
As part of the joint venture, a Brookfield private real estate fund will purchase 51% stake from Bharti Enterprises, which will continue with a 49% economic interest in the properties. The Enterprise Value for the transaction is c. INR 5,000 crores.
Brookfield’s real estate operating arm, Brookfield Properties will manage the properties going forward. Worldmark Aerocity is one of the leading best-in-class mixed-use properties of 1.43mn sqft in Delhi NCR with a diverse tenant roster comprising marquee financial services firms, global conglomerates and reputed government undertakings. Airtel Center is a 700,000 sqft state-of-the-art corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ sqft newly built mixed-use asset in South Gurgaon.
Harjeet Kohli, Group Director, Bharti Enterprises said, “We are pleased to have entered into a JV with Brookfield for our four marquee assets in North India. 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, "We are very pleased with this partnership with Bharti and look forward to furthering the positioning of these premium assets. 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 47mn sqft of high-quality commercial real estate assets in six gateway markets including a large presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.
Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10mn sqft of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.
The transaction will be consummated upon receipt of requisite regulatory approvals.
About Bharti Realty
Bharti Realty Limited is the real estate arm of Bharti Enterprises, one of India’s leading business groups with interests in telecoms, space, real estate, insurance, hospitality and food. Bharti Realty aims to undertake world-class commercial realty developments in marquee locations. The company has developed and manages almost 5mn sqft of Grade-A commercial real estate with diversified product mix of commercial, retail and lifestyle. Bharti Realty is currently developing 10mn sqft retail and mixed-use of real estate space in Delhi NCR.
Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately $690 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.