Brookfield India Real Estate Trust (BIRET) on Thursday said it will acquire a 50% stake in four Grade A assets from Bharti Enterprises at an enterprise valuation of `6,000 crore. With this, it has acquired 100% in the assets.
In May 2023, Brookfield Asset Management bought 51% in the assets of Bharti at an EV of Rs 5,000 crore. With Thursday’s transaction, BIRET and Brookfield, through its private real estate fund, will own Rostrum Realty, which owns the four assets. Grade A offices are those which are centrally air-conditioned and well maintained buildings.
The acquisition includes commercial properties totaling 3.3 million sq ft. Bharti will get a preferential allotment of units in BIRET at Rs 300 per unit for the 50% stake sold in its assets. Following the allotment, Bharti will become the second-largest unitholder in BIRET, with an ownership stake of 8.53%.
The portfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million sq ft, Airtel Center, a corporate facility of 700,000 sq ft in North Gurugram, and Worldmark Gurugram, a mixed-use asset spanning over 700,000 sq ft.
Ankur Gupta, managing partner, head of real estate for the Asia Pacific region, Brookfield, said, “With this acquisition, we add New Delhi to our portfolio, making BIRET the most diverse office REIT in India. These high-quality assets with strong tenancy also increase our retail operating area to 1 million sq ft.”
Harjeet Kohli, joint managing director, Bharti Enterprises, said, “With this transaction, Brookfield, through its two managed vehicles, will own 100% stake in the four marquee assets originally developed by Bharti Realty. Bharti also continues to invest substantially in a large development pipeline of over 10 million sq ft of Grade A commercial real estate assets in Aerocity, New Delhi, and hopes to grow this partnership through similar transactions.”