PROLOGIS has entered India through a joint venture agreement with K Raheja Corp, one of the largest real estate developers in India.
Under the agreement, the joint venture will acquire land, develop properties and manage the assets and will initially focus on securing development opportunities in the cities of Mumbai, Chennai,
The JV plans to invest approximately $US575 million over the next three years.
The JV already has acquired 27 acres of land in Loni near Pune and is in advanced stages of land acquisition in other key markets, including 140 acres in Bengaluru; 120 acres in Chennai; 99 acres in Kolkata; 70 acres in Mumbai; and an additional 33 acres in Pune.
Overall, the JV expects to develop approximately 7.5 million square feet over the next three years and about 25 million square feet over the next five years.
ProLogis’ chairman Jeff Schwartz said over the last few years, ProLogis has achieved tremendous success in Asia following the establishment of operations in
“Launching development in India, one of Asia’s most vibrant growth markets, is a logical next step and one that we believe will create real value for our shareholders and provide reliable access to new warehouse space for our global customers,” he added.
K Raheja Corp is a private, family-owned company founded in 1956. The company builds more than six million square feet annually of projects, with a total of over 2,200 projects developed and completed.
The company’s clients include multi-national corporations such as IBM, Morgan Stanley, HSBC, Nokia, Accenture, Oracle, and Citigroup.
Australian Property Journal
