Australian logistics specialist Logos has bought two logistics parks in Chennai from developer Casa Grand Group for Rs 7bn (US$98.7m), marking its first deal in India.
The fully-let Mappedu Logistics Park and Mahindra World City assets offer a combined 204,386 sq.m. of gross lettable area across 85 acres of land, Logos said in an announcement.
The properties are located in city’s established industrial corridors, benefitting from prominent access to the government-approved Chennai Bangalore industrial corridor and the city’s port.
“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,” said Logos managing director Trent Iliffe.
The deal is the first for Logos’ new Indian business — a partnership with Assetz Property Group.
The Logos India Logistics venture has US$800m in investment firepower and has been backed by Canadian investors Ivanhoé Cambridge and QuadReal Property Group.
“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,” noted Mehul Shah, CEO of Logos’ Indian business.
Established in 2010, Logos has operations in Australia, China, India and Singapore. It has A$4bn of equity commitments under management across 14 ventures.