Bharti in JV to build ₹5,000-cr commercial project

Bharti Enterprises and Brookfield have entered into a joint venture for four commercial projects spreading across 3.3 million square feet at an enterprise value of ₹5,000 crore. Brookfield, a private real estate fund, will purchase a 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). Brookfield’s real estate operating arm, Brookfield Properties, will manage the properties going forward. Worldmark Aerocity is a mixed-use property of 1.43 million sqft in Delhi NCR with a diverse tenant roster comprising marquee financial services firms, global conglomerates and reputed government undertakings. Airtel Center is a 700,000 sq ft state-of-the-art corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ sq ft newly built mixed-use asset in South Gurgaon.

Group Director, Bharti Enterprises, Harjeet Kohli informed that the company is pleased to have entered into a JV with Brookfield for four marquee assets in North India and it is confident on the commercial realty segment as India’s economy offers exciting growth opportunities ahead and will continue to invest meaningfully to scale up its assets. 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.