Brookfield Asset Management of Canada has acquired a 51% controlling stake in a Bharti Realty subsidiary that houses four high-profile commercial properties near Delhi International Airport, Gurugram, and Ludhiana.

Sunil Mittal founded Bharti Enterprises, which owns Bharti Realty.

"Bharti Enterprises and Brookfield Asset Management today announced the successful closure of their joint venture agreement for a 3.3 million sq ft portfolio of high-quality commercial properties primarily located in the Delhi-NCR region," the companies said in a joint statement Monday.

As part of the agreement, a Brookfield-managed private real estate fund now owns 51% of the joint venture (read: a Bharti Realty subsidiary), with Bharti Enterprises holding the remaining 49%.

The transaction was completed with a Rs 5,000 crore enterprise value. The exact size of the transaction could not be determined right away.

Brookfield's real estate operating arm, Brookfield Properties, will manage the properties, which include Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana.

He went on to say that Bharti would continue to invest heavily in developing new real estate assets to meet India's growing demand for well-managed commercial real estate. "With a pipeline of over 10 million square feet, this transaction will serve as a model for yielding and developed assets," says the broker.

According to Ankur Gupta, managing partner, head of real estate (APAC region and country head - India), Brookfield, high quality real estate in global gateway markets, particularly the Indian office market, remains in high demand from occupiers. "We are excited about our partnership with Bharti, which entails marquee assets with strong tenancy...we look forward to leveraging our global expertise to build future-ready office environments in India," says the company.