IndoSpace buys Orris’ logistics park near Gurgaon
It plans to use the capital to acquire and build industrial and logistics projects
Industrial realty and warehousing developer IndoSpace has bought a 70-acre logistics park from Orris Infrastructure on the outskirts of Gurgaon. The deal was closed recently and is valued at Rs 60 crore.
Mumbai-based IndoSpace, backed by private equity fund Everstone Group, had last year closed its third and largest logistics real estate fund of $1.2 billion, increasing its total commitment in India to over $3.2 billion.
It plans to use the capital to acquire and build industrial and logistics projects. IndoSpace is actively looking at buying assets across major logistics hubs to grow portfolio.
Gurgaon-headquartered Orris Infrastructure is a diversified firm dealing in construction, manufacturing, education, energy and hospitality. It has a land bank of more than 1,000 acres in Delhi National Capital Region (NCR).
The industrial and warehouse segment has been drawing increasing interest among large funds. For instance, LOGOS India, a joint venture platform of Assetz Property, bought a 2.2 million sq-ft of warehousing assets in Chennai from Casagrand Distripark in a deal valued at Rs 700 crore.
Similarly, Morgan Stanley Real Estate Investing put in Rs 350 crore in a special purpose vehicle owned by KSH Infra to develop a 1.1 million sq-ft logistics park in Pune and Embassy Industrial Parks acquired 60 acres in Bengaluru from real estate developer DRA Projects to build a 1.3 million sq-ft of warehousing facility.