Marking its foray into Indian real estate space, LOGOS has acquired two logistics parks in Chennai from the Casagrande Group for Rs. seven billion. The acquisition is LOGOS’ India’s first purchase following the launch of its Indian business.
“We’re very pleased to have completed our first acquisition in India, bringing on board 2.2 million square feet of quality logistics facilities to our Asia Pacific portfolio,” said Trent Iliffe, Managing Director, LOGOS, Money Control reported.
“India has one of the fastest-growing economies in the world and with a high-growth real estate sector, this market is an important part of our Asia Pacific strategy as we continue to support our tenant customers’ growth across the region. We look forward to bringing our significant regional experience and global development and design standards to India and these two new properties.”
The parks in question here are Mappedu Logistics Park and Mahindra World City, located within the industrial corridors of Chennai. Both the parks are fully leased and are strategically located with good access to the government-approved Chennai Bangalore Industrial Corridor and the Chennai Port.
The properties comprise a total Gross Lettable Area (GLA) of 2.2 million square feet, across a combined area of approximately 85 acres of land. The parks are expected to be developed into warehousing and logistics hub of Southern India.
Now that LOGOS has acquired its first IT park in India, the firm reportedly will look to enhance the two parks, through an active asset management approach and further developing the available land within the sites. Noteworthy here is LOGOS India is a partnership between LOGOS and Assetz Property Group, a Bengaluru-based real estate developer. The LOGOS India reportedly has USD 800 million in investment capacity to develop and own high-quality, modern logistics facilities in key logistics markets of India.
The move seems to be important in terms of warehousing sector, which is still very unorganized and at a nascent stage.