NEW DELHI: Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquire a 50% stake in four Grade A assets from Bharti Enterprises (Bharti).
The acquisition includes commercial properties totalling 3.3 million sq ft, at an enterprise value of c. Rs 60,000 million. The total equity consideration for the 50% 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%.
The portfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million sq ft, Airtel Center, the corporate facility of 700,000 sq ft in North Gurugram, and Worldmark Gurugram, a mixed-use asset spanning over 700,000 sq ft.
Kotak Mahindra Capital Company acted as the financial advisor to BIRET. Khaitan & Co and Shardul Amarchand Mangaldas represented BIRET as its legal counsels. Cyril Amarchand Mangaldas represented Bharti as its legal counsel.
