Brookfield India Real Estate Trust (BIRET) has officially sealed a significant deal with Bharti Enterprises, as reported today. The agreement entails BIRET acquiring a 50% stake in four premier Grade A assets from Bharti Enterprises.
Under the terms of the agreement, BIRET is set to take ownership of commercial properties spanning an impressive 3.3 million square feet. The total enterprise value of this acquisition is estimated to be approximately Rs 60,000 million. This strategic move by BIRET aims to bolster its position in the real estate market significantly.
Noteworthy properties included in this acquisition are the operating Worldmark assets located at Aerocity New Delhi, a mixed-use property covering 1.4 million square feet. Additionally, the deal encompasses the Airtel Center, a corporate facility measuring 700,000 square feet in North Gurugram, and Worldmark Gurugram, another mixed-use asset spanning over 700,000 square feet.
This transaction marks a substantial milestone for both BIRET and Bharti Enterprises. Following the completion of this deal, Bharti Enterprises will emerge as the second largest unitholder in BIRET, securing an ownership stake of 8.53%.
To facilitate the acquisition, BIRET has arranged for a preferential allotment of units to Bharti at a rate of Rs 300 per unit. This arrangement ensures a smooth transition of ownership and underscores BIRET's commitment to executing the deal efficiently.
The financial advisory for BIRET was provided by Kotak Mahindra Capital Company, while legal counsel was expertly handled by Khaitan & Co and Shardul Amarchand Mangaldas. On the other hand, Cyril Amarchand Mangaldas represented Bharti Enterprises as its legal counsel.
This acquisition underscores BIRET's commitment to expanding its portfolio and solidifying its presence in the Indian real estate market. With this strategic move, both BIRET and Bharti Enterprises are poised for future growth and success in the industry.
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