Bharti

Brookfield takes a controlling 51% stake in the properties, while Bharti Enterprises retains 49%

New Delhi, 1st May 2023: Marking a landmark deal in India’s commercial real-estate sector, Bharti Enterprises and Brookfield Asset Management today announced the successful closure of their joint venture agreement for a 3.3 million square foot portfolio of high-quality 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. The Enterprise Value for the transaction is c. INR 5,000 crore.

Brookfield's real estate operating arm, Brookfield Properties, will manage the properties that include - Worldmark Aerocity in Delhi, Airtel Center and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana .

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 >10mm sg ft, 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, "We are excited about our partnership with Bharti which entails marquee assets with strong tenancy. 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 million square feet of high-quality commercial real estate assets in all gateway markets of 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 million square feet of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.

About Bharti Realty

Bharti Realty Limited is the real estate arm of Bharti Enterprises, one of India’s leading business groups with interests in telecoms, space, real estate, insurance, hospitality and food. Bharti Realty aims to undertake world-class commercial realty developments in marquee locations. The company has developed over 5mn sqft of Grade-A commercial real estate with diversified product mix of commercial, retail and lifestyle. Bharti Realty is currently developing over 10mn sqft retail and mixed-use of real estate space in Delhi NCR.

About Brookfield

Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $800 billion of assets under management across renewable, infrastructure, real estate, private equity, credit and other. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.