Brookfield India Real Estate Trust will acquire a 50% stake
50% of the four Grade A assets from Bharti Enterprises (Bharti) will be acquired by Brookfield India Real Estate Trust (BIRET) as per an agreement between the two. The 3.3 million square feet of commercial real estate included in the deal have an enterprise value of about Rs 60,000 million. The whole equity payment for the 50% interest would be satisfied by giving Bharti first dibs on BIRET units, which are valued at Rs 300 each. After that, Bharti will retain an 8.53% ownership position in BIRET, making it the second-largest unitholder.
The portfolio of properties consists of the operating Worldmark assets in Aerocity New Delhi, a 1.4 million square foot mixed-use property; Airtel Centre, a 700,000 square foot corporate facility located in North Gurugram; and Worldmark Gurugram, a mixed-use asset encompassing more than 700,000 square feet.
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