News Update

Bharti Enterprises Sells 51% Stake in 4 Commercial Properties to Brookfield

• ByStartupStory     |    May 2, 2023

Brookfield, a global investment firm, has completed the acquisition of a 51% stake in Bharti Enterprises’ four commercial properties, which includes the Worldmark at Aerocity in the capital city, for an enterprise value of Rs 5,000 crore. Bharti Enterprises and Brookfield Asset Management issued a statement on Monday, announcing the successful completion of their joint venture agreement for a portfolio of commercial properties spanning 3.3 million square feet, mainly situated in the Delhi-NCR region.

According to the agreement, a private real estate fund managed by Brookfield now holds a 51% stake in the joint venture, while Bharti Enterprises retains a 49% stake. The transaction’s enterprise value is estimated to be approximately Rs 5,000 crore, as per the statement.

Bharti Realty Ltd, the real estate division of Bharti Enterprises that operates in various sectors such as telecom, real estate, insurance, hospitality and food businesses, has built more than 5 million square feet of Grade-A commercial real estate, featuring a range of commercial, retail, and lifestyle offerings. As per the recent joint venture deal with Brookfield Asset Management, Bharti Realty will continue to retain ownership of its remaining commercial assets, which includes roughly 10 million square feet of upcoming development in Delhi Aerocity. The company plans to focus on the development of high-quality commercial real estate in key locations.

According to Harjeet Kohli, Joint Managing Director of Bharti Enterprises, the company plans to invest significantly in the development of more real estate assets to meet the rising demand for well-managed commercial real estate in India. With a pipeline of over 10 million square feet, this partnership with Brookfield will serve as a model for yielding and developed assets, Kohli added.

Ankur Gupta, Managing Partner, Head of Real Estate, APAC region, and Country Head – India at Brookfield, stated that high-quality real estate in global gateway markets, particularly in the Indian office market, continues to experience high demand from occupiers. Brookfield is looking forward to employing its global expertise to construct future-ready office spaces in India, Gupta added.

Brookfield is currently the owner and operator of more than 50 million square feet of commercial real estate properties in major Indian cities such as Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata. The company recently launched India’s third Real Estate Investment Trust (REIT) after successfully raising Rs 3,800 crore through an initial public offer in 2021. Brookfield Asset Management is a renowned global alternative asset management firm with approximately $800 billion worth of assets under management across various sectors, including renewable energy, infrastructure, real estate, private equity, and credit.

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