Brookfield India REIT to buy 50% stake in four Bharti Enterprises assets

Brookfield India Real Estate Trust

16/05/2024 05:15

BENGALURU, May 16 (Reuters) - Brookfield India Real
Estate Trust (BIRET)  BROF.NS  has signed a binding agreement to
acquire a 50% stake in four Bharti Enterprises properties for 60
billion rupees ($719 million), including debt, it said on
Thursday. 
    The deal will take place through a preferential allotment of
units in BIRET at 300 rupees per unit to Bharti Enterprises,
which owns telecom operator Bharti Airtel  BRTI.NS , in exchange
for the stake.
    The properties, some of which are used for commercial
purposes, while others host offices and retail stores both, are
located in New Delhi and Gurugram and measure a total of 3.3
million square feet in area. 
        A boom in companies setting up offices in India, coupled
with post-pandemic return-to-office requirements and strong
retail consumption, have boosted optimism for commercial
properties. 
    With 25.5 million square feet of total leasable area, BIRET
is India's fourth-largest listed REIT by market capitalisation,
after Embassy Office Parks  EMBA.NS , Nexus Select Trust
 NEXE.NS  and Mindspace Business Parks REIT  MINS.NS . 

($1 = 83.4420 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia
Cheema)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))