Brookfield India Real Estate Trust (REIT) has announced the acquisition of nearly 50% stake in Bharti Enterprises’ real estate joint venture with Brookfield Asset Management. 

The portfolio spread across 3.3 million square feet, is estimated to be valued at approximately INR 60 billion (US$ 718.7 million). Last year, Brookfield Asset Management acquired a roughly 50% stake in four of Bharti Enterprises’ commercial properties in Delhi-NCR. As a result of this transaction, Brookfield’s listed REIT in India and Brookfield Asset Management will jointly own the venture called Rostrum Realty.

Brookfield India REIT includes seven large integrated office parks located in Mumbai, Gurugram, Noida, and Kolkata. These properties comprise a total leasable area of 25.4 million square feet, including 20.7 million square feet of operating space, 0.7 million square feet under construction, and 3.9 million square feet designated for future development.