Brookfield India Real Estate Trust (BIRET) stated it had signed binding agreements to acquire a 50% stake in 4 Grade A industrial assets totalling 3.3 million sq ft from Bharti Enterprises for an enterprise worth of ₹6,000 crore.
The complete fairness consideration for the 50% stake might be fulfilled via a preferential allotment of models in BIRET to Bharti, at ₹300 per unit. Following this, Bharti will change into the second largest unitholder in BIRET with an possession stake of 8.53%.
The portfolio consists of working Worldmark assets at Aerocity New Delhi, a mixed-use property protecting 1.4 million sq. toes, Airtel Center, the company facility of 700,000 sq ft in 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 area, Brookfield, in an announcement, stated, “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 a 100% stake in the four marquee assets originally developed by Bharti Realty. With an over 8.5% stake in the REIT, Bharti will take its partnership with Brookfield forward through meaningful ownership in their listed portfolio of high quality assets.”
“Bharti also continues to invest substantially in a large development pipeline of over 10 million square feet of Grade A commercial real estate assets in Aerocity, New Delhi and hopes to grow this partnership through similar transactions,” he added.
