Bharti Enterprises and Brookfield Asset Management announced on May 1 the closing of a joint venture agreement for a 3.3 million square feet commercial property portfolio in the Delhi-NCR region and Punjab.

The real estate fund managed by Brookfield will now have a controlling 51% stake in the joint venture, while Bharti Enterprises will retain a 49% stake. The companies said the deal has an enterprise value of Rs 5,000 crore.

The properties are Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurgaon, and Pavillion Mall in Ludhiana, Punjab.

Harjeet Kohli, Joint Managing Director, Bharti Enterprises, said: “This transaction with Brookfield for our large property in North India is a major milestone in our work with a global infrastructure investor with deep experience and insight into real estate.”

Bharti Realty will continue to own and operate its remaining commercial assets, which include the upcoming development of approximately 10 million square feet at Aerocity, Delhi. The statement said it would focus on developing high-quality commercial real estate in key locations.

Kohli said Bharti will continue to develop more real estate assets to meet India’s growing demand for well-managed commercial real estate.

In India, Canada-based Brookfield owns and operates over 50 million square feet of commercial real estate in the Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata markets.

Ankur Gupta, Managing Partner, said: “Global gateway markets, especially Indian office markets, continue to see high demand for prime real estate from occupiers. We look forward to leveraging our global expertise to create future-proof office environments in India,” said the Head of Real Estate Asia Pacific region and Country Head of India, Brookfield.