“Bharti Enterprises and Brookfield, have entered into a joint project agreement for four high quality commercial properties totalling 3.3 million square feet,” a press release from Bharti Enterprises said, adding that Brookfield’s real estate operating arm, Brookfield Properties, will manage the properties going forward.
The transaction will be consummated upon receipt of requisite regulatory approvals, the statement added.
Harjeet Kohli, Group Director, Bharti Enterprises, said the firm is confident of the commercial realty segment as India’s economy offers exciting
growth opportunities and it will continue to invest meaningfully to scale up its assets.
Worldmark Aerocity is a mixed-use property having 1.43mn sq ft in Delhi-NCR. The tenant roster includes marquee financial services companies, global conglomerates and government undertakings.
Airtel Center is a 700,000 sq ft orporate facility located in North Gurgaon. Worldmark 65 bids over 7,00,000 sq ft of new, mixed-use property in South Gurgaon.
“We see tremendous opportunities for well managed commercial real estate,” said Ankur Gupta, Managing Partner, Head of Real Estate - India and Middle East and Country Head - India, Brookfield. He added that tenants nowadays appreciate the positive impact workspaces have on workers wellbeing.
In India, Brookfield owns and runs 47 mn sq ft of high-quality commercial real estate assets in six cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.
Bharti Realty, the real estate arm of Bharti Enterprises, will remain to own and operate its remaining commercial assets, including approximately 10 mn sq ft coming up in Delhi Aerocity, and “will focus on developing finest quality commercial real estate in key locations”.