Canada’s Brookfield Asset Management has acquired a 51% stake in Rostrum Realty, a real estate joint venture firm in which Sunil Mittal’s Bharti Enterprises will hold the balance 49%. The transaction was concluded at an enterprise valuation of Rs 5,000 crore, however the two sides did not disclose the size of the deal.
Rostrum Realty owns four commercial properties in Delhi, Gurugram, and Ludhiana, which were earlier wholly owned by Bharti Realty, a part of Bharti Enterprises.
The joint venture agreement is for a 3.3 million square feet portfolio of high-quality commercial properties. Brookfield’s real estate operating arm Brookfield Properties will now manage properties including Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana.
Worldmark Aerocity is a mixed-use property of 1.43 million sq ft with a tenant roster comprising financial services, global conglomerates and government undertakings. Airtel Centre is a 700,000 sq ft corporate facility in north Gurugram, and Worldmark 65 is another 700,000 sq ft mixed-use asset in south Gurugram.
Bharti Realty has so far developed over 5 million sq ft of Grade-A commercial real estate with a diversified product mix of commercial, retail and lifestyle.
Bharti Realty will continue to own and operate its remaining commercial assets, which include about 10 million sq ft of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.
Harjeet Kohli, joint managing director, Bharti Enterprises, said, “Bharti will continue to invest substantially to develop more real estate assets to serve the growing demand for well-managed commercial real estate in India. With a pipeline of more than 10 million sq ft, this deal will become the template for yielding and developed assets.”
Ankur Gupta, managing partner, head of real estate, APAC region and country head – India, Brookfield, said, “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.”
In India, Brookfield owns and operates over 50 million sq ft of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata. It launched India’s third Real Estate Investment Trust (REIT) in 2021 after successfully raising `3,800 crore through an initial public offer.
Brookfield Asset Management is a leading global alternative asset manager with about $800 billion of assets under management across renewable, infrastructure, real estate, private equity, credit and others.