Gurugram-based logistics real estate developer, Pragati Group, has raised $200 million in equity capital from a Singaporean firm, thus bidding goodbye to its existing partner, Morgan Stanley. The group is known for offering warehousing to big players, like Amazon, DHL-Bluedart, Flipkart, Daikin, and Bosch in India since 2010.
The deal was signed in the third quarter of the current financial year with an undisclosed firm in Singapore. The deal facilitated acquisition of two international-standard operational assets over approximately 2 million square feet of gross living area (GLA) in NCR, Pragati Farukhnagar Logistics Parks, and Pragati One.
Pragati Group has plans for developing up to 30 million square feet across key Tier I and Tier II Indian cities with world-class and sustainable Grade A specifications.