Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquire a 50 percent stake in four Grade-A commercial assets totalling 3.3 million sq. ft. from Bharti Enterprises, for Rs 6,000 crore. The portfolio includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million sq. ft., Airtel Center, the corporate facility of 7,00,000 sq. ft. in Gurugram, and Worldmark Gurugram, a mixed-use asset spanning over 7,00,000 sq. ft.

The total equity consideration for the 50 percent stake will be fulfilled through a preferential allotment of units in BIRET to Bharti, at Rs 300 per unit. Following this, Bharti will become the second largest unitholder in BIRET with an ownership stake of 8.53 percent. With this acquisition, it has added New Delhi to its portfolio making BIRET the most diverse office REIT in India.

These high-quality assets with strong tenancy also increase its retail operating area to one million sq. ft. With this transaction, Brookfield, through its two managed vehicles, will own a 100 percent stake in the four marquee assets originally developed by Bharti Realty.

Bharti also continues to invest substantially in a large development pipeline of over 10 million sq. ft. of Grade A commercial real estate assets in Aerocity, New Delhi and hopes to grow this partnership through similar transactions.