Delhi capital, State of India

Canada-based alternative asset management firm Brookfield will buy 51 per cent stake in Bharti Enterprises' four commercial properties in India for Rs 5,000 crore, according to a joint statement released by the two firms on Friday.The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).The two firms have formed a joint venture to manage these four high-quality commercial properties totalling to 3.3 million square feet.As part of the joint venture, a Brookfield private real estate fund will purchase 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The Enterprise Value for the transaction is Rs 5,000 crore.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 1.43 mn 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."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," Harjeet Kohli, Group Director, Bharti Enterprises, said in a statement.Ankur Gupta, Managing Partner, Head of Real Estate - India and the 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 47 mn 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 include approximately 10 mn sqft of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations, the statement said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Canada-based alternative asset management firm Brookfield will buy 51 per cent stake in Bharti Enterprises' four commercial properties in India for Rs 5,000 crore, according to a joint statement released by the two firms on Friday. ...