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    Brookfield to buy 51% stake from Bharti Enterprises as part of join venture deal

    Brookfield to buy 51% stake from Bharti Enterprises as part of join venture deal

    Brookfield to buy 51% stake from Bharti Enterprises as part of join venture deal
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    By CNBCTV18.com  IST (Published)

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    While Brookfield will manage the properties going forward, Bharti will continue with economic interest in the properties. The enterprise value for the transaction is Rs 5,000 crore.

    Bharti Enterprises on Friday announced that the company and Brookfield have entered into a join venture agreement for four high quality properties -- Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon)
    and Pavillion Mall (Ludhiana) -- totalling to 3.3 million square feet.
    As part of the joint venture, a Brookfield private real estate fund will purchase 51 percent stake from Bharti Enterprises, which will retain a 49 percent stake.
    The enterprise value for the transaction is Rs 5,000 crore.
    While Brookfield will manage the properties going forward, Bharti will continue with economic interest in the properties.
    “We are pleased to have entered into a JV with Brookfield for our four marquee assets in North India. We remain confident on the commercial realty segment as India’s economy offers exciting growth opportunities ahead and
    will continue to invest meaningfully to scale up our assets," said Harjeet Kohli, Group Director, Bharti Enterprises.
    Ankur Gupta, Managing Partner, Head of Real Estate - India and Middle East and Country Head - India, Brookfield, said, "We are very pleased with this partnership with Bharti and look forward to furthering the positioning of these premium assets. Today tenants have a heightened appreciation of the positive impact workspaces can have on employee well-being and we see tremendous opportunities for well managed commercial real estate due to this transformation."
    Worldmark Aerocity is one of the leading best-in-class mixed-use properties of 1.43 million sqft in Delhi NCR. Airtel Center is a 7,00,000 sqft corporate facility located in North Gurgaon while Worldmark 65 is another
    more than 7,00,000 sqft newly built mixed-use asset in South Gurgaon.
    In India, Brookfield owns and operates 47 million sqft of commercial real estate assets in six gateway markets including a large presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.
    Bharti Realty will continue to own and operate its remaining commercial assets including approximately 10 million sqft of upcoming development in Delhi Aerocity.
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