NEW DELHI: Global investment firm
Brookfield
has agreed to buy 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore.
In a statement, Bharti Enterprises and Brookfield announced that they have entered into a joint venture for four commercial properties totalling to 3.3 million square feet.
The properties include
Worldmark Aerocity
(Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).
"As part of the joint venture, a Brookfield private real estate fund will purchase a 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The enterprise value for the transaction is Rs 5,000 crore," Bharti Enterprises said in a statement.
Brookfield's real estate operating arm,
Brookfield Properties
, will manage the properties going forward.
Worldmark Aerocity is a mixed-use property of 1.43 million square feet in Delhi NCR. Airtel Center is a 700,000 sq ft corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ sq ft newly built mixed-use asset in South Gurgaon.
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