Brookfield India Real Estate Trust (BIRET) has announced a binding agreement to acquire a 50% stake in four properties owned by Bharti Enterprises for 60 billion rupees ($719 million), including debt, the company disclosed on Thursday.
The transaction will involve a preferential allotment of units in BIRET at 300 rupees per unit to Bharti Enterprises, the parent company of telecom operator Bharti Airtel, in exchange for the stake in the properties.
Located in New Delhi and Gurugram, the properties encompass a total area of 3.3 million square feet and serve various purposes, including commercial, office, and retail spaces.
The commercial real estate sector in India is witnessing growth, driven by an increase in companies establishing offices, a return to office-based work following the pandemic, and robust retail consumption.
BIRET, with a total leasable area of 25.5 million square feet, is the fourth-largest listed Real Estate Investment Trust (REIT) in India by market capitalization, following Embassy Office Parks , Nexus Select Trust, and Mindspace Business Parks REIT.
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