Mirae Investments acquires industrial asset in Mumbai for Rs 130 cr

South Korea’s has acquired an industrial asset in Mumbai’s Bhiwandi for Rs 130 crore from Prakhhyat Group.

The pre-leased grade A warehousing property in K-Square Integrated Industrial Park is spread over 9 acres. It is Mirae Asset Investment Group’s first under its India-focused funds allocation for high-grade real estate.

It is a rare instance where a foreign institutional fund has secured a foothold in the warehousing and industrial market of Bhiwandi.

“Mirae Assets Group is ramping up its global real estate portfolio and has earmarked $500 million to invest in leased Indian commercial assets,” said Junyoung Hong, chief business officer, (India).

ANAROCK Capital Advisors, which was the transaction consultant for the deal, said the asset has a tenant called Rhenus Logistics, a global logistics services provider headquartered in Germany with operations in Europe, Asia and South America.

Grade-A warehousing assets are beneficial for operations and global investment groups will increasingly want them to ramp up their presence in India, said Sandeep Bagla, director of Prakhhyat Group.

Due to increasing demand, such Grade-A warehousing assets will witness anywhere between 15-20 per cent of annual growth over the next 3-4 years, said Shobhit Agarwal, MD and CEO of ANAROCK Capital.

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