Canada-based alternative asset management firm Brookfield will buy 51 per cent stake in Bharti Enterprises’ four commercial properties in India for Rs 5,000 crore, according to a joint statement released by the two firms on Friday.
The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).
The two firms have formed a joint venture to manage these four high-quality commercial properties totalling to 3.3 million square feet.
As part of the joint venture, a Brookfield private real estate fund will purchase 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.
Brookfield’s real estate operating arm, Brookfield Properties, will manage the properties going forward.