Brookfield will acquire a 51% share in four Bharti Enterprises commercial assets for Rs 5,000 crore. The properties include World mark Aero city (Delhi), World mark 65, Airtel Centre (Gurgaon), and Pavillion Mall (Ludhiana). Bharti Enterprises will have a 49% share in the buildings.
In a news statement, Bharti Enterprises announced that Brookfield’s real estate operations arm, Brookfield Buildings, would manage the properties moving forward. The deal will close after all regulatory permissions are received, the statement said.
Bharti Enterprises Group Director Harjeet Kohli said that the business is bullish in the commercial realty category as the Indian economy provides exciting development potential.
World mark Aero city is a 1.43m sq. ft mixed-use project in Delhi-NCR. Among the tenants are major financial institutions, multinational corporations, and governments. An office complex of 700,000 sq. ft in North Gurgaon. World mark 65 is a new mixed-use development in South Gurgaon.
According to Ankur Gupta, Managing Partner and Head of Real Estate for India and the Middle East at Brookfield, He said that today’s renters recognise the influence workplaces have on employee health This includes 47 million square feet in six cities: Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, and Kolkata.
To build premium quality commercial real estate in strategic areas, Bharti Realty (the real estate arm of Bharti Enterprises) will own and manage its remaining commercial properties, including roughly 10 million sq. ft in Delhi Aero city.
Published by : Aditya Andharia
Edited By : Kritika Kashyap