Brookfield to buy 51% stake in Bharti Enterprises' 4 commercial properties

A private real estate fund of Canada's Brookfield Asset Management will buy a 51% stake in Bharti Enterprises' four commercial properties - Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurugram) and Pavillion Mall (Ludhiana)  for an enterprise value of Rs.5,000 crore.

As part of the joint venture agreement, Bharti Enterprises, which operates in the telecom, insurance, hospitality and food space, will continue to retain 49% economic interest in these properties.

Brookfield's real estate operating arm, Brookfield Properties will manage the four properties, across 3.3 million sq ft, going forward. The transaction will be consummated upon receipt of requisite regulatory approvals.

Worldmark Aerocity is a mixed-use property of 1.43 million sq ft with a tenant roster comprising financial services firms, global conglomerates and government undertakings. Airtel Center is a 700,000 sq ft corporate facility in North Gurugram, and Worldmark 65 is another 7,00,000 sq ft newly-built mixed-use asset in South Gurugram.

In India, Brookfield owns and operates 47 million sq ft of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.

Bharti Realty, the real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, which include around 10 million sq ft of upcoming development in Delhi Aerocity and focus on developing commercial real estate projects.