Brookfield India Actual Property Belief acquires 50% stake in Grade A property from Bharti Enterprises

Brookfield India Actual Property Belief (BIRET) has signed binding agreements to accumulate a 50 per cent stake in 4 Grade A property from Bharti Enterprises, the corporate mentioned in an announcement. 

The acquisition contains marquee business properties totalling 3.3 million sq. toes at an enterprise worth of ₹6,000 crore. 

The whole fairness consideration for the 50 per cent stake shall be fulfilled by way of 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 per cent,” the assertion mentioned. 

The portfolio of property contains working Worldmark property at Aerocity New Delhi, a mixed-use property masking 1.4 million sq. toes; Airtel Centre, a state-of-the-art company facility masking 7,00,000 sq. toes in North Gurugram; and Worldmark Gurugram, a mixed-use asset spanning over 7,00,000 sq. toes. 

These property are in established workplace micro-markets, with glorious connectivity, trendy retail and F&B choices that create a vibrant live-work-play surroundings, the assertion additional added. 

Ankur Gupta, Managing Associate, Head of Actual Property for the Asia Pacific area, Brookfield, mentioned, “With this acquisition, we add New Delhi to our portfolio making BIRET probably the most various workplace REIT in India. These high-quality property with robust tenancy additionally improve our retail working space to 1 million sq. toes.”

Kotak Mahindra Capital Firm acted as BIRET’s monetary advisor. Khaitan & Co and Shardul Amarchand Mangaldas represented BIRET as its authorized counsel; whereas Cyril Amarchand Mangaldas represented Bharti as its authorized counsel.