Khaitan & Co advised Brookfield Asset Management in relation to a joint venture with Bharti Enterprises for four commercial properties totalling to 3.3 million square feet

Khaitan & Co Advised Brookfield Asset Management in relation to a joint venture with Bharti Enterprises for four commercial properties totalling to 3.3 million square feet.

 

 S. No.

HEADINGS

                                          DETAILS     

1.

Sector

PE; M&A; Joint venture; Real Estate

2.

Announcement Date

1 April 2022

3.

Completion Date

31 March 2022 (Execution Date)

4.

Name of Client

Brookfield Asset Management

5.

Bidder, Bidder Country

6.

Bidder Description

7.

Target, Target Country

Bharti Enterprises Limited, India.

8.

Target Description

Bharti Enterprises is one of India’s first-generation corporations, with interests in Telecom, Space, Insurance, Real Estate, Hospitality and Food. Bharti has joint ventures with several global leaders: SingTel, SoftBank, AXA, Del Monte, the UK Government, amongst others.

9.

Deal Description

Bharti Enterprises and Brookfield Asset Management have entered into a joint venture for four commercial properties totaling to 3.3 million square feet. The properties include Worldmark Aerocity (Delhi), Worldmark 65 (Gurgaon) and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).

Worldmark Aerocity is one of the leading best-in-class mixed-use properties of 1.43mn square feet in Delhi NCR with a diverse tenant roster comprising of marquee financial services firms, global conglomerates and reputed government undertakings.

Airtel Center is a 700,000 square feet state-of-the-art corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ square feet newly built mixed-use asset in South Gurgaon.

 

10.

Total Consideration

INR 5,000 crore

11.

Team Members

Core Team: Aakash Choubey (Partner), Deepak Jodhani (Partner), Vinita Choudhary (Counsel), Saumya Kakar (Principal Associate), and Divyansh Joshi (Associate)

 

Corporate Team: Angeline Benny (Senior Associate) and Divya Patil (Associate)

 

Real Estate Team: Avnish Sharma (Partner), Kshitij Bishnoi (Partner), Gautam Bhargava (Principal Associate), Nilesh Chaudhary (Senior Associate), Siddharth Godha (Senior Associate) and Rupali Singh (Senior Associate)

 

Banking and Finance Team: Siddharth Srivastava (Partner), Rashneet Kaur (Principal Associate) and Shobhit Bhatta (Senior Associate)

 

Intellectual Property Team: Shailendra Bhandare (Partner) and Sourav Dan (Principal Associate)

 

ELB Team: Anshul Prakash (Partner), Abhisek Choudhary (Senior Associate) and Deeksha Malik (Senior Associate)

 

Litigation Team: Kingshuk Banerjee (Partner), Snehal Kakrania (Counsel), Niranjan Sankar Rao (Associate) and Smriti Ramesh Nair (Associate)

12.

Role of Firm

Advised Brookfield Asset Management on due diligence, structure of transaction, drafting, negotiating, and finalisation of transaction documents.

13.

Press Coverage

Brookfield to buy 51% stake in four Bharti Enterprises assets (livemint.com)

Sunil Mittal’s Bharti Enterprises sells 4 commercial assets to Brookfield in Rs 5,000-crore deal (msn.com)

bharti enterprises: Brookfield private real estate fund to purchase 51% stake from Bharti Enterprises – The Economic Times (indiatimes.com)

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