Singapore realtor Mapletree buys Indian logistics facility to meet rising demand: report
NEW DELHI, NNA – Singapore realtor Mapletree Investments Pte. Ltd. has bought part of a logistics park under construction near Mumbai in an apparent move to cash in on growing goods transport demand from e-commerce.
The company has acquired a 65,000 square meter space of a grade A industrial park in Pune for 3 billion rupees ($39.6 million) from KSH Infra Industrial Park Pvt. Ltd., a local infrastructure firm, according to a report in The Economic Times on Monday, citing three sources with direct knowledge of the development.
The industrial and logistics park sits on over 110,000 sq. meter site in the western state of Maharashtra and is scheduled to be completed by June 2021, the report said.
In 2019, KSH Infra Industrial Park sold its majority stake in a 92,900 sq. meter logistics park space in Chakan and Talegaon, both in and around Pune, to Morgan Stanley Real Estate Fund for more than 3.5 billion rupees, according to the report.
Avendus Capital, the financial advisor to KSH Infra for both deals, is now in talks with other global investors on behalf of the Indian firm for more such deals.
“Global investors are keen to invest in Indian logistics and warehousing space given the structural changes, such as GST (Goods & Services Tax) and rise of e-commerce over the last three years. The market is currently highly fragmented and larger organised players such as KSH Infra will be able to attract the capital,” Prateek Jhawar, director of Mumbai-based Avendus Capital, said in the report.