Bharti Enterprises and Brookfield Asset Management on May 1, 2023, announced the closure of their Rs 5,000-crore joint venture agreement for a 3.3 msf portfolio of marquee commercial properties primarily located in the Delhi-NCR region. As part of this deal, a Brookfield-managed private real estate fund now owns 51% stake in this joint venture while Bharti Enterprises continues with 49% stake.
Harjeet Kohli, joint managing director, Bharti Enterprises, said, “This transaction with Brookfield for our marquee properties in North India is a significant milestone for us to partner with a global infrastructure investor with deep and rich experience and insights into real estate. Bharti will continue to invest substantially to develop more real estate assets to serve the growing demand for well-managed commercial real estate in India. With a pipeline of more than 10 msf, this deal will become the template for the yielding and developed assets.”
Ankur Gupta, managing partner, head of real estate, APAC region and country head – India, Brookfield, said, “High quality real estate in global gateway markets and in particular, the Indian office market, continue to witness high demand from occupiers. We look forward to leveraging our global expertise to build future ready office environments in India.”
In India, Brookfield owns and operates over 50 msf of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata. Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10 msf of upcoming development in Delhi Aerocity.
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