Brookfield inked a Rs 4.3K-cr deal for the ESR warehouse portfolio. This move makes Brookfield the third largest logistics player in India. The portfolio covers 400 acres across six metro clusters. Abhijit Malkanim said, "Brookfield's acquisition of the portfolio underscores the value created through ESR's integrated platform and the strength."
The deal will make Brookfield the third largest logistics real estate player by size after Indospace and Blackstone-promoted Horizon Industrial Parks, sector experts said.
Blackstone, GIC, Prologis, Indospace also reportedly bid for the ESR India portfolio but Brookfield emerged as the highest bidder.
Spread across nearly 400 acres in six metro clusters, the ESR India portfolio includes eight Grade A parks, serving major gateway cities including Mumbai, Pune, Delhi NCR, Chennai and Kolkata.
The operating portfolio is nearly 98% leased and serves a diversified mix of leading logistics and industrial occupiers. The portfolio accommodates a range of uses, including light manufacturing facilities, fulfilment centers and warehouses, providing Brookfield with immediate scale across some of the country's leading industrial and logistics markets.
The Canadian firm, on July 30 announced the launch of Lumara, a renewable energy platform in the country that will deploy nearly $600 million. It recently invested a similar amount in ACME's green molecule projects.
Ankur Gupta, deputy chief investment officer and head of Asia Pacific and Middle East, real estate at Brookfield, said, "We remain well-positioned to partner with governments, global institutions and corporations to deliver solutions at scale, strengthening supply chains, enhancing connectivity, providing accommodation solutions for industrial workforce and supporting the country's economic ambitions."
Abhijit Malkanim, India CEO at ESR, said, "Brookfield's acquisition of the portfolio underscores the value created through ESR's integrated platform and the strength of our logistics business in India. ESR will continue to manage the portfolio, providing continuity for customers while supporting its next phase of growth. "
Brookfield has a portfolio of over $13 billion across office and hospitality, including Brookfield India Real Estate Trust, and the Leela Palaces Hotels and Resorts. Brookfield is one of the largest foreign investors in the country with approximately $33 billion of assets under management across infrastructure, energy, private equity, real estate and credit.