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

Following this, Bharti will become the second largest unitholder in BIRET with an ownership stake of 8.53%

Published - May 16, 2024 09:31 am IST - MUMBAI

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. 

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.