Canadian Real Estate Investment Trust Brookfield Will Acquire 51 Percent Share in Four Properties of Bharti Enterprises

Brookfield, a Canadian real estate investment trust, will acquire a 51% share in four commercial buildings owned by Bharti Enterprises for an enterprise value of 5,000 crore.

The assets, which include Worldmark Aerocity in Delhi, Worldmark 65 in Gurgaon, and Pavillion Mall in Ludhiana, comprise 3.3 million square feet.

Bharti Enterprises would retain a 49 percent ownership share in the buildings.

"Bharti Enterprises and Brookfield have formed a joint venture to acquire four high-quality commercial properties totaling 3.3 million square feet,"

The acquisition will close after all necessary regulatory clearances are obtained, the statement stated.

Bharti Enterprises Group Director Harjeet Kohli said that the firm is bullish in the commercial real estate category since India's economy provides exciting development potential and that the company would continue to spend substantially to build up its properties.

Worldmark Aerocity is a 1.43 million square foot mixed-use development in Delhi-NCR. Among the tenants are well-known financial services organisations, worldwide enterprises, and government entities.

Airtel Center is a 700,000-square-foot office complex in North Gurgaon. Worldmark 65 is a new mixed-use development in South Gurgaon, covering an area of about 7,00,000 square feet.

"We believe that well-managed commercial real estate has significant prospects,"

Brookfield owns and operates 47 million square feet of premium commercial real estate in six cities in India: Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, and Kolkata.

Bharti Realty, Bharti Enterprises' real estate business, will continue to own and run its remaining commercial properties, which include about 10 million square feet under construction in Delhi Aerocity, and

"will concentrate on creating premium quality commercial real estate in strategic areas."