Private Equity

PE Fund Investments

Brookfield buys 51% stake in 4 of Bharti's NCR commercial properties for Rs.2,550-Cr

Economic Times  

Canadian infrastructure focused investor Brookfield - via its private real estate funds - will purchase a 51% stake in four commercial properties from Bharti Enterprises at a combined Enterprise Value of INR 5,000 crore. The properties - totalling to 3.3 million square feet - include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). While Bharti Enterprises will continue to own a 49% economic interest in the properties, Brookfield's real estate operating arm, Brookfield Properties will manage the properties. Worldmark Aerocity is a mixed-use property of 1.43mn sq ft in Delhi NCR with a diverse tenant roster comprising financial services firms, global conglomerates and government undertakings. Airtel Center is a 700,000 sq ft corporate facility located in North Gurgaon. Worldmark 65 is another 7,00,000+ sq ft newly built mixed-use asset in South Gurgaon. Brookfield owns and operates 47mn sq ft of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata. Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10 million sq ft of upcoming development in Delhi Aerocity.