Advertisement
Saturday, Oct 23, 2021
Outlook.com
Outlook.com

LOGOS acquires two logistics parks in Chennai for Rs 700 cr

LOGOS acquires two logistics parks in Chennai for Rs 700 cr
outlookindia.com
1970-01-01T05:30:00+0530

(Eds: Updates with deal value, Logos Group quotes)

New Delhi, Feb 25 (PTI) Global logistics firm LOGOS Monday said it has acquired pre-leased warehousing assets of 2.2 million sq ft in Chennai from Casagrand Group for Rs 700 crore.

This is the first acquisition of the company in India following the launch of its Indian business.

"Mappedu Logistics Park and Mahindra World City are located within the established industrial corridors of Chennai, benefiting from prominent access to the government approved Chennai Bangalore Industrial Corridor and the Chennai Port," the company said in a statement.

The properties comprise a total gross leasable area (GLA) of 2.2 million square feet, across a combined area of about 85 acres of land. Both parks are fully leased and provide further development opportunities within the sites.

LOGOS' Managing Director Trent Iliffe said: "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."

Mehul Shah, CEO of LOGOS’ Indian business, said: "Given Chennai's prominence as a leading industrial hub, with access to one of the country's largest ports, the parks are able to efficiently service the high-volume consumption markets of the greater Chennai region and the industrial corridors of Southern India."

The company would look to enhance the two parks, through an active asset management approach and further developing the available land within the sites, he added.

The LOGOS India logistics centure, with commitments from Canadian investors Ivanhoé Cambridge and QuadReal Property Group, has USD 800 million in investment capacity to develop and own high-quality, modern logistics facilities in key logistics markets of India.

Its Indian business is a partnership between LOGOS and Assetz Property Group, a Bengaluru-based real estate developer.

LOGOS is a growing logistics specialist with operations across Australia, China, Singapore, Indonesia, Malaysia, India and New Zealand.

"This event hallmarks our journey through the complete infrastructure lifecycle of land-acquisition, development, leasing and the final step of exiting to a marquee platform. We are very excited about the development and look forward to working along with and gaining from LOGOSs global expertise and scale," Casa Grande Distripark managing director Motiram Prasad said.

Casa Grande Distripark (CGD) is the warehousing and industrial logistics park development arm of Casagrand group. It builds and operates multi-product warehousing and industrial parks with capabilities to provide value added services (facility management, inventory management, materials management etc) on-demand. PTI MJH PSK AP MJH MR

MR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Website

After Dubai, Ravi Teja To Shoot For 'Khiladi' Song In Muscat

After Dubai, Ravi Teja To Shoot For 'Khiladi' Song In Muscat

The Telugu actor has started the shoot of the track in Dubai and will later move to Muscat.

Ryan Ten Doeschate Retires From International Cricket

Ryan Ten Doeschate Retires From International Cricket

Born in South Africa, Ten Doeschate made his debut in Amstelveen in 2006 against Sri Lanka in an ODI match.

Akshay Kumar Has A Divine Message For Fans

Akshay Kumar Has A Divine Message For Fans

The actor uploaded a picturesque posts of himself with actors Jacqueline Fernandez and Satya Dev from the sets of film 'Ram Setu'.

More from Outlook Magazine

My Name Is Khan: The Face That Launched A Thousand Products

My Name Is Khan: The Face That Launched A Thousand Products

Behind SRK’s lover-boy image lies instability—sensitive to social, cultural and political change.

A Fanboy’s Bollywood: Before And After The Khans

A Fanboy’s Bollywood: Before And After The Khans

How the larger-than-life Hindi film hero of ­yesteryears gave way to the relatable charm of Shah Rukh and the other Khans.

A Passage To India: Shah Rukh Khan Through The Eyes Of His Greatest American Fan

A Passage To India: Shah Rukh Khan Through The Eyes Of His Greatest American Fan

Superstar Shah Rukh Khan has grown beyond the confines of Bollywood and India to find fame and fans worldwide, writes Beth Watkins.

Advertisement

Outlook Newsletters

Advertisement
Advertisement