- Saturday, April 20, 2024
By: Shubham Ghosh
South Korea’s Mirae Asset Global Investments Co Ltd has acquired an industrial and warehousing asset at Bhiwandi in the western Indian state of Maharashtra for Rs 130 crore (£13 million).
Anarock, one of the leading real estate consultants in the country, facilitated the deal.
Mirae Asset Global Investments has done an outright acquisition of a pre-leased Grade A industrial asset at Bhiwandi, Mumbai Metropolitan Region (MMR) for Rs 130 crore, Anarock said in a statement.
The industrial property, housed in a 160-acre integrated industrial park and spread over nine acres, has been acquired from Prakhhyat Infraprojects.
Junyoung Hong, chief business officer — Mirae Asset Global Investments (India) Pvt Ltd, said the acquisition is perfectly aligned with the firm’s vision of investing in top-grade commercial leased properties in India.
“Mirae Assets Group is ramping up its global real estate portfolio and has earmarked $500 million (£413.4 million) to invest in leased Indian commercial assets,” he added.
With a total leasable area of over 3 lakh square feet, this asset houses an incumbent tenant Rhenus Logistics, a global logistics services provider headquartered in Germany with operations across Europe, Asia, and South America.
Commenting on the deal, Shobhit Agarwal, MD & CEO — ANAROCK Capital, said, the company has facilitated this acquisition for Mirae Asset Investments Group, which has astutely identified a highly strategic asset in one of West India’s most prominent growth corridors for industrial and logistics industry.
Bhiwandi commands about 16 per cent share among the top 10 micro-markets, now dominating the Grade A warehousing space.
“Due to an increase in demand, such Grade-A warehousing assets will witness anywhere between 15-20 per cent of annual growth over the next 3-4 years,” Agarwal said.
Post the COVID-19 pandemic, the Indian warehousing industry has witnessed significant growth driven by demand from third party logistics firms and e-commerce companies as well as from sectors like retail, FMCG, manufacturing, and electronics.
Sandeep Bagla, director, Prakhhyat Infraprojects, said, “This warehousing space will deliver a massive competitive advantage. Such Grade-A warehousing assets have a multi-faceted beneficial impact on operational efficiencies and are aligned to international standards.”
Global investment firms would increasingly identify and acquire such superior assets to ramp up their presence in India, he added.
(PTI)
