Brookfield India Real Estate Trust is set to acquire nearly 50% stake in Bharti Enterprises’ real estate joint venture with Brookfield Asset Management. The deal is estimated to value the portfolio spread over 3.3 million sq ft at around Rs 6,000 crore, said persons with direct knowledge of the development.
Last year, Brookfield Asset Management had closed the transaction picking up around 50% stake in Bharti Enterprises’ four commercial properties in Delhi-NCR.
Following this deal, Canadian institutional investor Brookfield’s listed REIT in India and Brookfield Asset Management will together own the joint venture known as Rostrum Realty.
“A meeting of Brookfield India Real Estate Trust’s board of directors is currently on and the decision is expected to be taken tonight itself,” said one of the persons mentioned above.
ET’s email query to Brookfield and Bharti Group remained unanswered.
Brookfield India Real Estate Trust has seven large integrated office parks in Mumbai, Gurugram, Noida, and Kolkata. It consists of 25.4 million sq ft of total leasable area, comprising 20.7 million sq ft operating area, 0.7 million sq ft of under construction area and 3.9 million sq ft future development potential.
The REIT holds a right of first offer on an additional 4 million sq ft, currently owned by members of the Brookfield Group.
Source: Economic Times