Brookfield buys 51% stake in Bharti Enterprises’ 4 commercial properties

On Monday, Brookfield Asset Management announced the closure of its acquisition of a 51% stake in Bharti Enterprises’ four commercial properties, including the Worldmark at Aerocity in Delhi, at an enterprise value of Rs 5,000 crore. Bharti Enterprises and Brookfield Asset Management jointly released a statement announcing the successful completion of the joint venture agreement for a 3.3 million square feet portfolio of commercial properties mainly located in the Delhi-NCR region. The properties include Worldmark Aerocity, Worldmark 65 and Airtel Center in Gurgaon, and Pavillion Mall in Ludhiana. Bharti Enterprises will maintain a 49% stake in the joint venture, with the Brookfield-managed private real estate fund holding the majority 51%. Bharti Realty Ltd, the real estate arm of Bharti Enterprises, will still own and operate its remaining commercial assets, which include approximately 10 million square feet of upcoming development in Delhi Aerocity, and will continue to focus on developing premium-quality commercial real estate development in key locations.