Bharti Enterprises and Brookfield Asset Management have formed a joint venture for a 3.3 million square foot portfolio of commercial properties in the Delhi-NCR region and Punjab for Rs 50 billion.
With this agreement, a Brookfield-controlled real estate fund will now own 51 percent of the joint venture, while Bharti Enterprises will keep the remaining 49 percent. The buildings cover 3.3 million square feet and include Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in the Punjab city of Ludhiana.
“This transaction with Brookfield for our marquee properties in North India is a significant milestone for us to partner with a global infrastructure investor with deep and rich experience and insights into real estate,” said Harjeet Kohli, Joint Managing Director, Bharti Enterprises, said.
Bharti Realty, the real estate subsidiary of Bharti Enterprises, has constructed nearly 5 million square feet of grade-A varied commercial real estate, including commercial, retail, and leisure properties. The company is constructing more than 10 million square feet of retail and mixed-use real estate space in Delhi NCR.
Following the completion of this transaction, the company will retain ownership and operation of its remaining commercial properties, including a 10 million square foot development in Delhi Aerocity.
Kohli went on to say that Bharti will continue to develop real estate assets to meet India's growing demand for well-managed commercial real estate.
“High quality real estate in global gateway markets and in particular, the Indian office market, continue to witness high demand from occupiers. We look forward to leveraging our global expertise to build future ready office environments in India,” said Ankur Gupta, Managing Partner, Head of Real Estate, APAC region and Country Head - India, Brookfield.
Brookfield, a multinational investment business established in Canada, owns and operates more than 50 million square feet of commercial real estate in the markets of Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata.
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