Brookfield India Real Estate Trust announced that it has finalized agreements to purchase four Grade A assets from Bharti Enterprises, with an enterprise value totaling ₹6,000 crore. According to a press release, these assets encompass 3.3 million square feet of prime commercial properties.
The acquisition will involve completing the equity consideration for a 50% stake through preferential allotments of units in Brookfield India REIT at a rate of ₹300 per unit.
Following this transaction, Bharti Enterprises will become the second-largest unitholder in Brookfield India REIT, holding an 8.53% stake. The four properties include the operational Worldmark assets in Aerocity, New Delhi, a mixed-use property covering 1.4 million square feet, Airtel Center—a modern corporate facility spanning 7 lakh square feet in North Gurugram—and Worldmark Gurugram, another mixed-use asset spanning over 7 lakh square feet.
According to Ankur Gupta, Managing Partner and Head of Real Estate for Asia Pacific at Brookfield, this acquisition marks the addition of New Delhi as a geographical segment to their portfolio, positioning them as the most diverse office REIT in India. He noted that these high-quality assets, with strong tenancy, also expand their retail operating area to 1 million square feet.
Harjeet Kohli, Joint MD of Bharti Enterprises, mentioned the company's significant investments in a substantial development pipeline of over 10 million square feet of Grade A commercial real estate assets in Aerocity, New Delhi.
Kotak Mahindra Capital served as the financial advisor to Brookfield India Real Estate Trust, while Khaitan & Co and Shardul Amarchand Mangaldas acted as legal counsels for the company. Cyril Amarchand Mangaldas represented Bharti Enterprises as its legal counsel.
Brookfield India REIT's portfolio includes six integrated office parks located in Mumbai, Gurugram, Noida, and Kolkata, totaling 25.5 million square feet of leasable area.
Shares of Brookfield India Real Estate Trust closed flat on Wednesday at ₹255.1, with a 6.5% increase year-to-date.
