CHENNAI: Casa Grande Distripark, the warehousing and industrial logistics park development arm of Casagrand Builder Pvt Ltd, has entered into agreements to sell two logistics park in Chennai to the Asia Pacific logistics property specialist, Logos, for Rs 700 crore.
The two warehousing assets — Mappedu Logistics Park and Mahindra World City — are spread over 85 acres. Logos India is an India logistics joint venture (JV) between Macquarie-backed Asia-Pacific-focused Logos Property Group and Singapore’s Assetz Property Group.
The parks are very well located with access to one of the country’s largest ports, and can efficiently serve the high-volume consumption markets of the greater Chennai region and the industrial corridors of Southern India. Avendus Capital was the exclusive financial advisor to Casa Grande Distripark on the transaction.
This comes in the wake of a report by property consultant CBRE which has highlighted that Chennai is witnessing robust leasing activity during the second half of 2018. According to CBRE, the city witnessed interest from prominent developers such as Indospace, Ascendas-Singbridge and e-Shang Redwood, to acquire land parcels (mainly in North and West Chennai) and set up logistics parks.
CGD builds and operates multi-product warehousing and industrial parks with capabilities to provide value added services (facility management, inventory management, materials management etc) on-demand. The firm provides flexibility to its clients by combining the benefits of both, built-to-suit and readymade models. Currently, their client base includes marquee names across auto-components, energy, cold chain logistics and other sectors.
Logos’s Indian business is a partnership between Logos and Assetz Property Group. The property has been acquired within Logos’s India Logistics Venture, which has commitments from Canadian investors Ivanhoé Cambridge and QuadReal Property Group.