Earlier this year, Mapletree Investment, a Singapore-based real estate company, had part-funded the equity requirements for a part of the logistics park owned by KSH Logistics Infra Industrial Park Pvt. Ltd. It then purchased the remaining 480,000 square feet for approximately Rs. 140 crore ($54.4 million). Finally, it acquired the reaming logistic assets of the park recently, with an estimated investment of Rs. 320 crores ($38.7 million), thus concluding the acquisition of the 1.2 million sqft logistic park of KHS.
According to a press statement, “It (Mapletree) provided a commitment to acquire the project at a pre-agreed cap rate, once fully developed and leased.”
When asked about the deal, Prateek Jhawar, executive director and head, infrastructure and real assets investment banking, Avendus Capital, which was the exclusive financial advisor to the transaction, said, “This transaction strengthens global investor interest in India’s industrial logistics space and marks a successful outcome for both KSH Group and Mapletree. KSH Group was able to access development capital, and Mapletree was able to tie up the acquisition at the preliminary stage.”
Last year, the company also signed an agreement with one of the leading developers of industrial warehousing and logistics parks, IndoSpace, for 10 million square feet of MLLPs across the country in the next five years.