Brookfield India Real Estate Investment Trusts is set to acquire a 50% equity stake in four assets of Bharti Group in Delhi-NCR for Rs 1,228 crore. The stake in the 3.3 million-square-feet commercial portfolio will be acquired through a preferential issue at Rs 300 per unit.
The enterprise value of the deal is Rs 6,000 crore, according to an exchange filing. Brookfield will have the first right to acquire the remaining 50% equity from Bharti Group.
After the allotment, the Sunil Mittal-owned group will become the second-largest stakeholder in the real estate investment trust.
Brookfield India REIT will enter Delhi with the acquisition of these prime front office assets, including Worldmark Delhi, Airtel Centre, Worldmark Gurugram, and the Pavilion Mall.
The company stated that the acquisition will have key benefits for the real estate major in terms of scale, diversification, and accretion. The transaction will increase the operating area by 16% and the consolidated gross asset value by 22%.
Brookfield India will acquire a commercial portfolio that includes marquee tenants such as Bharti Airtel, Ernst & Young, and Mitsui & Co.
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