Brookfield Acquires ESR's Major Indian Industrial Portfolio for $450 Million

Brookfield Asset Management has purchased a 100% interest in an eight-park industrial and logistics portfolio from ESR India for INR 43 billion ($450 million). The acquisition gives the Canadian alternative investment firm full ownership of 10.5 million square feet of industrial space across six major metro clusters.

Ankur Gupta, deputy chief investment officer and head of Asia-Pacific and Middle East, real estate, at Brookfield, and Abhijit Malkani, chief executive officer, India, at ESR, announced the deal on Wednesday. JLL acted as sole advisors on the transaction. Brookfield is committing the full INR 43 billion ($450 million) to acquiring and developing the portfolio.

Strategic rationale

The acquisition builds on the existing relationship between Brookfield and ESR across the Asia-Pacific region. It expands Brookfield’s India real estate exposure beyond its established office and hospitality portfolio into the industrial logistics sector. Brookfield already owns and operates real estate assets worth over $13 billion in India across office and hospitality.

Portfolio characteristics

The portfolio comprises eight Grade-A parks located along industrial and freight corridors near major manufacturing and warehousing hubs. Key markets include Mumbai, Pune, Delhi-NCR, Chennai and Kolkata. The assets, which include light manufacturing facilities, fulfilment centres and warehouses, provide access to established consumption centres and logistics catchments.

The operating portfolio is around 98 percent leased to a diversified mix of key logistics and industrial occupiers. ESR will continue to manage the properties for the near term. Abhijit Malkani said: "This transaction reflects the quality of the portfolio ESR has built and the strong institutional demand for modern logistics assets in India."

Market context

The transaction comes as India’s industrial and logistics real estate sector benefits from investments in highways, dedicated freight corridors and other infrastructure. Rising consumption, increasing e-commerce penetration and initiatives supporting domestic manufacturing are driving demand for modern logistics and industrial facilities. Market sources confirmed during 2025 that ESR was marketing a portfolio of India industrial properties, and media reports in October last year indicated Brookfield was the leading contender.

Brookfield’s broader India strategy

This industrial acquisition adds to Brookfield’s significant India footprint, which includes around $33 billion in assets under management across infrastructure, energy, private equity, real estate, and credit. The firm has been actively expanding its logistics holdings globally. Recent activity includes purchasing a South Korean warehouse complex for $154 million late last month, acquiring a site north of Melbourne for a 64,000 square metre industrial estate earlier that same month, and a $162 million purchase of a logistics property in western Sydney a few weeks prior.

In the Asia-Pacific region, Brookfield agreed to purchase a set of industrial properties in Singapore from ESR-REIT in December of last year, a deal that closed in June. During July last year, Brookfield also acquired a nearly 20 percent stake in Brisbane-based investment manager Cromwell Property Group from ESR for A$200 million ($131 million).

In India, Brookfield's real estate portfolio includes Brookfield India Real Estate Trust and Leela Palaces Hotels and Resorts. In August, Brookfield India REIT teamed with a fund managed by Nuvama and Cushman & Wakefield to acquire three office floors in Mumbai's Bandra-Kurla Complex for INR 17 billion. In November of last year, Brookfield completed India's biggest office transaction of 2025 with the INR 131.3 billion sale of a Bengaluru business park to Brookfield India Real Estate Trust.

Brookfield is committing INR 43 billion ($450 million) to acquiring and developing the portfolio.