Brookfield India REIT to Acquire Bharti's 50% Stake in Realty JV

Brookfield India Real Estate Trust is poised to acquire approximately 50% stake in Bharti Enterprises’ real estate joint venture with Brookfield Asset Management, marking a significant move in India's real estate landscape. Sources familiar with the matter estimate the deal to value the portfolio, spanning 3.3 million sq ft, at approximately Rs 6,000 crore.

 

This transaction follows Brookfield Asset Management's acquisition of roughly 50% stake in Bharti Enterprises’ four commercial properties in the Delhi-NCR region last year. Upon completion, the joint venture, known as Rostrum Realty, will be jointly owned by Canadian institutional investor Brookfield's listed REIT in India and Brookfield Asset Management.

 

A meeting of Brookfield India Real Estate Trust's board of directors is currently underway, with a decision anticipated tonight, according to insiders.

Brookfield India Real Estate Trust boasts seven large integrated office parks situated in Mumbai, Gurugram, Noida, and Kolkata, encompassing a total leasable area of 25.4 million sq ft. This comprises 20.7 million sq ft of operating space, 0.7 million sq ft under construction, and a future development potential of 3.9 million sq ft. Additionally, the REIT holds a right of first offer on an extra 4 million sq ft, presently owned by entities within the Brookfield Group.