Mapletree, a real estate development, investment, capital and property management company headquartered in Singapore, announced that it has acquired an under-construction logistics park in Pune’s Chakan area from KSH Infra Industrial Park for Rs 300 crore, said three persons with direct knowledge of the development, according to an ET report. Avendus Capital acted as the financial advisor to KSH Infra for the deal.
As per the deal terms, the real estate development and investment company has committed to buy 100% stake in the park at a pre-agreed valuation along with pre-defined technical specifications.
“KSH Infra will be responsible for the entire development and leasing of the project, and that is expected to be completed by June 2021,” Rohit Hegde, Managing Director of KSH Infra Industrial Park, said. “We are talking to multiple institutional investors to expand our portfolio across key Indian cities. Part of this deal consideration will be utilised to support our growth efforts.”
Earlier in 2019, KSH Infra Industrial Park had sold its majority stake in a one million sq ft logistics park space in Chakan and Talegaon to Morgan Stanley Real Estate Fund for more than Rs 350 crore.
“Global investors are keen to invest in Indian logistics and warehousing space given the structural changes, such as GST 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,” said Prateek Jhawar, director, Avendus Capital.
KSH Infra has a portfolio of 3 million sq ft industrial and warehousing space under various stages of development. The company plans to have a pan-India presence and is currently evaluating Mumbai, Bengaluru and the National Capital Region to expand its footprint up to 10 million sq ft.
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