Bahrain-based global investment manager Investcorp on Wednesday said it has led a $55 million investment in NDR Warehousing Private Limited, which provides construction and leasing of warehouses and factory space.
The Chennai-based NDS’s asset portfolio comprises 18 logistics parks spread across 11.6 million square feet area in over eight cities including the National Capital Region, Chennai, Mumbai, Bangalore, Coimbatore and Kolkata and has a current occupancy rate of over 99%.
Over the next few years, it plans to double its portfolio and expand in cities such as Pune and Goa.
“We are excited to welcome Investcorp as a strategic and financial partner in our journey to become the pre-eminent warehousing platform in India.
We intend to continue our aggressive growth plans nationally, underpinned by our strong execution capabilities and long-standing tenant relationships.” N Amrutesh Reddy, Managing Director at NDR said.
“Warehousing has been one of the few sectors to have demonstrated resilience and continued growth, despite the economic headwinds brought by the pandemic.
This structured equity investment in India, backed by a robust operational portfolio, is poised for an attractive real estate growth opportunity for our investors, with what we believe are attractive risk-return metrics.” Ritesh Vohra, Partner and Head of Real Estate at Investcorp India said.
Investcorp’s India real estate team invests in real estate projects located in top tier cities across the country. So far, the business has deployed $200 million through two funds across 26 projects.
It is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors.
Its investments over the last four years include Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, XpressBees, and Safari Industries.
