Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.
Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.
The transaction represents an important milestone according to Harjeet Kohli, Joint MD of Bharti Enterprises. He stated,
The joint MD Bharti Enterprises discussed the significance of the deal while speaking to the press. He confirmed that the company will continue to make significant investments in the development of more real estate assets to meet the rising need for expertly managed commercial real estate in India. He also confirmed that Bharti Realty will continue to own and manage its remaining commercial assets in addition to the forthcoming development in Delhi Aero-city as well as other prime locations.
Brookfield owns and manages commercial real estate properties totalling more than 50 million square feet in Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata.
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