Brookfield India Real Estate Trust announced that it has bought a 50% ownership in four Grade A assets from Bharti Enterprises for $718 million.
Bharti would receive preferred BIRET units at Rs 300 each to cover the 50% stake’s equity consideration. Bharti would become the second largest BIRET unitholder with 8.53% ownership after the deal, said a press statement.
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“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 is excited to take its partnership with Brookfield forward through meaningful ownership in their listed portfolio of high-quality assets,” said Harjeet Kohli, Joint Managing Director, Bharti Enterprises.
“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.
Aerocity New Delhi, a 1.4 million-square-foot mixed-use property; Airtel Centre, a 700,000-square-foot corporate facility in North Gurugram; and Worldmark Gurugram, a mixed-use asset over 700,000 square feet, are among the 3.3 million square feet of commercial properties acquired.
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With this transaction, BIRET becomes India’s most diverse office REIT with New Delhi. These high-quality assets with solid occupancy boost our retail operating area to 1 million square feet, said Brookfield Asia Pacific Managing Partner and Real Estate head Ankur Gupta.
Six integrated office parks in Mumbai, Gurugram, Noida, and Kolkata make up Brookfield India REIT. It has 25.5 million sq ft of leasable area, 20.9 million of operating area, 0.6 million under construction, and 4 million future development potential.
Kotak Mahindra Capital advised BIRET financially. BIRET’s lawyers were Khaitan & Co and Shardul Amarchand Mangaldas. Cyril Amarchand Mangaldas was Bharti’s lawyer.
About BIRET
Brookfield India Real Estate Trust is India’s sole institutionally managed office REIT.
About Bharti Enterprises
Bharti Enterprises Limited is committed to sustainable, capital-efficient, long-term growth that maximises shareholder value on Corporate Governance principles.
