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NEW DELHI: Brookfield Asset Management has acquired a 51% stake in a wholly owned real estate company of Bharti Enterprise at an enterprise value of Rs 5,000 crore. The realty company owns 3.3 million sqft commercial property portfolio, including prime property in the capital’s Aerocity. The remaining 49% stake in the JV will remain with Bharti Enterprise, having an interest in telecom, space, insurance, hospitality and food.
As part of a recent restructuring, Bharti Realty, the real estate arm of Bharti Enterprise, had hived off four of its commercial properties – Worldmark Aerocity in Delhi, Worldmark 65 and Airtel Center in Gurugram and Pavillion Mall in Ludhiana – to Rostrum Realty, a wholly owned subsidiary of Bharti Enterprises.
Brookfield Asset Management fund has acquired a 51% stake in Rostrum Realty. Bharti Realty, which has constructed over 5 million sqft of grade-A commercial real estate, will continue to manage its remaining real estate stock after the deal.
The company is developing over 10 million sqft retail and mixed-use real estate space in Delhi NCR. Money raised from the transaction is proposed to be used to develop fresh stock of assets.
At the same time, the JV with Brookfield will add value to the portfolio, promising higher returns as Brookfield is known for its real estate management skills and brand.
A senior consultant said the deal will help Brookfield create a quality portfolio of commercial real estate and fetch Bharti higher returns and provide capital.
Brookfield Asset Management is a leading global alternative asset manager with approximately $800 billion of assets under management across renewable infrastructure, real estate, private equity, and credit. It also runs a real estate investment trust (REIT) in the country, which manages commercial real estate portfolio of 18.7 million sqft.
Harjeet Kohli, joint MD, Bharti Enterprises, said, Bharti would continue to invest substantially to develop more real estate assets for meeting growing demand for well-managed commercial real estate in the country. Kohli said this deal will become the template for the developed assets.
As part of a recent restructuring, Bharti Realty, the real estate arm of Bharti Enterprise, had hived off four of its commercial properties – Worldmark Aerocity in Delhi, Worldmark 65 and Airtel Center in Gurugram and Pavillion Mall in Ludhiana – to Rostrum Realty, a wholly owned subsidiary of Bharti Enterprises.
Brookfield Asset Management fund has acquired a 51% stake in Rostrum Realty. Bharti Realty, which has constructed over 5 million sqft of grade-A commercial real estate, will continue to manage its remaining real estate stock after the deal.
The company is developing over 10 million sqft retail and mixed-use real estate space in Delhi NCR. Money raised from the transaction is proposed to be used to develop fresh stock of assets.
At the same time, the JV with Brookfield will add value to the portfolio, promising higher returns as Brookfield is known for its real estate management skills and brand.
A senior consultant said the deal will help Brookfield create a quality portfolio of commercial real estate and fetch Bharti higher returns and provide capital.
Brookfield Asset Management is a leading global alternative asset manager with approximately $800 billion of assets under management across renewable infrastructure, real estate, private equity, and credit. It also runs a real estate investment trust (REIT) in the country, which manages commercial real estate portfolio of 18.7 million sqft.
Harjeet Kohli, joint MD, Bharti Enterprises, said, Bharti would continue to invest substantially to develop more real estate assets for meeting growing demand for well-managed commercial real estate in the country. Kohli said this deal will become the template for the developed assets.
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