The joint venture between pan-Asia logistics group Logos and Bangalore headquartered Assetz Property Group has made its first decisive move in the country. Recently, the JV entity agreed to buy two logistics parks near Chennai for a reported sum of around Rs 700 crore.
According to Logos MD Tent Iliffe, the deal adds 2.2 million square feet of warehousing space to group’s kitty. “This market is an important part of our Asia-Pacific strategy as we continue to support our tenant customers’ growth across the region,” he said. “Logos will look to enhance the two parks through an active asset management approach and further development of available land within the sites,” CEO of Logos’ Indian business Mehul Shah added.
The JV entity created in 2017 is backed by Canadian investors Ivanhoé Cambridge and QuadReal Property Group and has plans to invest around $800m to develop modern logistics facilities in India.