MUMBAI: Industrial real estate and logistics park developer IndoSpace has acquired around 1.3 million square feet of land for an undisclosed amount in Sri City, an integrated business city in Andhra Pradesh.
With this acquisition, IndoSpace’s total portfolio has increased to 30 million sq ft of developed, under-development, and planned modern logistics and light manufacturing space in India, the company said in a statement.
IndoSpace is a joint venture between the Everstone Group, a leading India and southeast Asia-focused multi-asset business group, and Realterm, a US-based global industrial real estate leader.
“We are excited to enter one of the fastest growing industrial zones in partnership with Sri City as we continue to expand in key regions across the country,” said Rajesh Jaggi, managing partner, real estate, Everstone Group.
Improved road connectivity, the government’s Make in India initiative and the implementation of GST, has led to a surge in demand for quality logistic facilities in India.
“The company was significantly growing its warehousing and light manufacturing facilities to meet this demand across multiple sectors,” he said.
The acquisition comes on the back of IndoSpace launching five new mega parks, one in Bengaluru’s Narasapura, two in Badli and Bhaproda in the NCR and two in Khopoli in the Mumbai Metropolitan Region, in December.
It had also announced the expansion and development of its existing Ranjangaon park in Pune.
“We are confident, IndoSpace will facilitate the manufacturing supply chain system, benefiting not only the manufacturing units in the region, but also the neighbouring ports, and create more job opportunities,” said Ravindra Sannareddy, founder and managing director, Sri City.
Sri City is an integrated business city situated in Chennai with dedicated zones for industry and business services, and includes zones for residences, retail, healthcare and education.
IndoSpace currently has a portfolio of 28 logistics and industrial parks across the country including developed parks, as well as parks under various stages of development.