New Delhi, Aug. 25 -- Canadian investor Brookfield Asset Management Inc, which manages over 55 million square feet of commercial office assets in India, has sold half its stake in a Pune-based mixed-use project to a local asset manager.
Brookfield, through a private real estate fund, has sold a 50% interest in Bluegrass Business Park to Mumbai-based 360 ONE Asset for Rs 2,400 crore (about $280 million).
The property is located in Pune's Kalyani Nagar and comprises both office and retail real estate. It spans 6.1 acres including 1.9 million square feet of office space. The property's Tower A houses Mastercard's largest global capability centre (GCC), spread over about 0.5 million square meters. Brookfield unveiled Tower B, or the second phase of the development, earlier this month. Brookfield will continue to oversee the management, development, and leasing of the asset.
"The investment underscores 360 ONE Asset's continued focus on scaling its platform through institutionally managed real estate opportunities across India's top-performing markets through a mix of stable assets and development-led growth," 360 ONE Asset said in a statement.
Shardul Amarchand Mangaldas represented Brookfield and Veritas Legal represented 360 ONE Asset as their respective legal counsels for the transaction.
The development comes as Brookfield, in May, announced its plans to triple its India investments to $100 billion within five years, as it bets on the country's strong growth prospects and rising demand in the infrastructure and clean energy sectors. Separately, it is also reported to be in the fray to acquire ESR India's warehousing portfolio.
The Canadian firm's India exposure also includes its real estate investment trust, Brookfield India Real Estate Trust (BIRET). In March, Brookfield Asset Management cut its stake in the REIT, pulling out $100 million. The buyers included 360 One Prime Ltd and 360 One Portfolio Managers Ltd, part of Mumbai-based wealth manager 360 One WAM Ltd. The two firms lapped up units of the REIT worth Rs 333.9 crore.
As of December, Brookfield India REIT managed 11 Grade-A assets located in Delhi, Mumbai, Gurugram, Noida, and Kolkata. Its portfolio consisted of 28.9 million sq ft of total leasable area, comprising 24.3 million sq ft of operational area, 0.6 million sq ft of under construction area and 4.0 million sq ft of future development potential.
Apart from the REIT, Brookfield's India real estate portfolio includes The Leela luxury hotels and a stake in office parks operator Nirlon Ltd. The company had picked up a 7.7% stake in Nirlon in September 2024. Brookfield's India portfolio also includes $13 billion under infrastructure, and $3 billion each under renewable energy and private equity and credit.
360 ONE Asset is a subsidiary of 360 WAM, a wealth and asset management firm that has assets under management valued at about $78 billion. 360 ONE Asset manages about $6 billion AUM as of June 30, 2025.
Published by HT Digital Content Services with permission from VC Circle.