Mirae Asset Credit Opportunities Fund has announced acquisition of a Mumbai-based industrial logistics and warehousing asset for Rs 130 crore, marking first such deal under its India-focused foreign institutional funds allocated for high-grade Indian real estate opportunities.
Mirae Asset Credit Opportunities Fund, a category II AIF has made its maiden acquisition of a logistics facility, a pre-leased Grade A industrial asset at Bhiwandi, MMR, spread over a 10-acre land in Bhiwandi near Mumbai, the company said in a statement.
The industrial property, housed in the 160-acre K-Square Integrated Industrial Park, has been acquired from Prakhhyat Group, it added.
"We are also exploring opportunities at office acquisition deals including IT parks, corporate offices besides logistics & industrial space. We continue to be bullish on Indian economy and the real estate sector in India,” said Jun Young Hong, director, Mirae Asset Investment Managers (India) Pvt. Ltd.
Mirae Asset Management also operates lending and mutual fund businesses.
With a total leasable area of over 3 lakh sq ft, the acquired asset has been rented out to Rhenus Logistics, a global logistics services provider headquartered in Germany with operations across Europe, Asia, and South America.
"Such Grade-A warehousing assets have a multi-faceted beneficial impact on operational efficiencies and are aligned to international standards. Global investment groups will increasingly identify and secure such superior assets to ramp up their presence in India," said Sandeep Bagla, director, Prakhhyat Group.
Anarock Capital Advisors acted as the transaction consultants for the deal.
"We are privileged to have secured this high-octane acquisition for Mirae Asset 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 approx. 16% 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% of annual growth over the next 3-4 years," said Shobhit Agarwal, MD & CEO - Anarock Capital.
Post the Covid-19 pandemic that exploded in 2020, the Indian warehousing industry has gone from a sunrise sector to full-blown supernova status. Underpinning its tremendous growth potential in the future is rapidly rising demand from 3PL and e-commerce companies, and across sectors like retail, FMCG, manufacturing, and electronics.
Recently, Singapore-based Mapletree Investments acquired the assets of a logistics park owned by KSH Infra Industrial Park Pvt Ltd in two tranches.
Last year, the Pune-based construction firm also inked a joint venture agreement with IndoSpace, an investor and developer of industrial warehousing and logistics park, to develop a 10 million square feet portfolio of warehousing and logistics parks across the country, over the next five years. IndoSpace invested about Rs 1,000 crore in the JV agreement.
Among other deals in the warehousing real estate space, GreenBase Industrial and Logistics Park, a JV of Mumbai-based Hiranandani Group and US’ private equity giant Blackstone Group, leased out about 200,000 sq ft industrial space to Jost India, in April last year.
