Brookfield India Real Estate Trust to acquire 50% stake in Bharti’s Grade A office assets

Brookfield India Real Estate Trust (BIRET) said it had signed binding agreements to acquire a 50% stake in four Grade A commercial assets totalling 3.3 million sq ft from Bharti Enterprises for an enterprise value of ₹6,000 crore.

The total equity consideration for the 50% stake will be fulfilled through a preferential allotment of units in BIRET to Bharti, at ₹300 per unit. Following this, Bharti will become the second largest unitholder in BIRET with an ownership stake of 8.53%.

The portfolio includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million square feet, Airtel Center, the corporate facility of 700,000 sq ft in Gurugram, and Worldmark Gurugram, a mixed-use asset spanning over 700,000 sq ft. 

Ankur Gupta, Managing Partner, Head of Real Estate for the Asia Pacific region, Brookfield, in a statement, said, “With this acquisition, we add New Delhi to our portfolio making BIRET the most diverse office REIT in India. These high-quality assets with strong tenancy also increase our retail operating area to 1 million sq ft. 

Harjeet Kohli, Joint Managing Director, Bharti Enterprises said, “With this transaction, Brookfield, through its two managed vehicles, will own a 100% stake in the four marquee assets originally developed by Bharti Realty. With an over 8.5% stake in the REIT, Bharti will take its partnership with Brookfield forward through meaningful ownership in their listed portfolio of high quality assets.”

“Bharti also continues to invest substantially in a large development pipeline of over 10 million square feet of Grade A commercial real estate assets in Aerocity, New Delhi and hopes to grow this partnership through similar transactions,” he added.