Toronto-based Brookfield Asset Management is stepping up its operations in India after forming a joint venture fund management entity ahead of raising an investment fund in 2012.
The firm has teamed up with Peninsula Land, the real estate business of Indian financial conglomerate Ashok Piramal Group, ahead of launching the Domestic Real Estate Fund next year.
Peninsula Land, which is listed on the Bombay Stock Exchange, posted a brief announcement on the joint venture to the exchange today. In the announcement, it said: “Peninsula Land has informed BSE that Peninsula Land and Brookfield Asset Management have announced a joint venture to launch a Domestic Real Estate Fund early next year. Both companies will have an equal stake in the venture, and will jointly evaluate and manage investments targeting the development of residential and commercial assets, primarily in Tier I cities in India.”
In the first decade of its existence, Peninsula has either developed or planned 20 million square feet of real estate, including commercial, IT parks and retail schemes, according to its website.
Brookfield has more than $68 billion of real estate assets under management, but it has yet to make significant inroads in Asia outside of Australia. In 2009, however, Brookfield began to form an Asia presence, initially with an office in Hong Kong and then in Mumbai. The firm’s Mumbai office is led by Devdatt Shah.