TransIndia Real Estate Limited, an Allcargo Group company, has acquired two land parcels for warehousing with a combined value of Rs 231 crore in Gurgaon’s Farukh Nagar, two people aware of the deal said.
Both land parcels are located in the Model Economic Township (MET) of Reliance Industries.
The first property piece, measuring 56.52 acres, was purchased for Rs 134 crore by Allcargo Inland Park pvt Ltd, and the second, measuring 41.06 acres, was purchased by Jhajjar Warehousing pvt Ltd for Rs 97.5 crore, as per documents accessed by analytic firm CRE Matrix.
Both companies are subsidiaries of TransIndia Real Estate Limited.
The land acquisition is part of our strategy to expand our footprint in strategically located Grade A logistics parks with world-class amenities. The recent land acquisitions will enable us to develop warehousing and other logistics infrastructure in Farukhnagar, a strategic gateway to North India, with convenient access,” said Jatin Chokshi, MD TREL.
Allcargo has developed 5.5 million square feet of Grade A logistics parks in key locations, including NCR Delhi, Bengaluru, Hyderabad, and JNPT in MMR Mumbai. The global logistics conglomerate has just completed the sale of a portion of its logistics parks portfolio to Blackstone Group, a global private equity investor.
This transaction involves the transfer of assets in Bengaluru, Hyderabad, and Goa, while the NCR, Hosur, and MMR regions will remain under the company’s ownership.
Following the demerger, the new real estate company also has plans for additional projects totaling about 8.6 million square feet, which it is pursuing on its own balance sheet.
“Indian economy is growing at breakneck speed. Offices, malls, and homes have all matured real estate assets over decades, while warehouses are still few, and institutions and corporations are taking a lot of interest in this asset class,” said Abhishek Kiran Gupta, CEO & co-founder of CRE Matrix & IndexTap.com.
Due to sustained leasing activity expected in the second half of the year, I&L space take-up is likely to touch 36–38 million square feet in 2023, marginally higher than the 2022 levels.
Supply addition is expected to reach about 28–30 million square feet by the end of 2023; projects by larger developers backed by institutional funds are expected to constitute 40% of the completions.
Nikhil Bothra, Director, EPACK PREFAB, said there was huge demand for pre-engineered structures for warehouse construction, which is a response to the need for rapid, cost-effective, and sustainable solutions in a dynamically evolving business landscape.
“As we observe substantial growth in the retail and e-commerce sectors, especially in tier 2 and tier 3 cities, the need to expand and upgrade warehouse capacities becomes paramount,” he said.
Source : ET