Global investment firm Brookfield has acquired eight industrial and logistics parks from ESR India and committed Rs. 43 bn towards the acquisition and future development of the portfolio. The transaction marks Brookfield’s entry into India’s industrial and logistics real estate sector.

The acquired portfolio comprises 10.5 mn square feet across six metropolitan clusters. Brookfield has acquired a 100 per cent interest in the assets, which are spread across 400 acres and include Grade A parks in Mumbai, Pune, Delhi-NCR, Chennai and Kolkata.

The operating portfolio is around 98 per cent leased, indicating a high level of occupancy across the properties at the time of the transaction. The assets form part of India’s expanding organised logistics and warehousing infrastructure, which supports industrial activity and supply-chain operations.

Brookfield’s financial commitment includes the purchase consideration as well as capital for the future development of the portfolio. The investment firm said the committed amount was equivalent to $450 mn, covering both elements of the transaction.

ESR India will continue to manage the properties in the near term. The arrangement allows the existing manager to oversee operations while Brookfield assumes ownership and prepares for the future development of the parks.

The acquisition adds a sizeable operating platform to Brookfield’s real estate presence in India and gives the firm exposure to established logistics markets across several major urban centres. The portfolio’s location across multiple metro clusters also provides a national footprint in the industrial and logistics segment.