LOGOS acquires 2 logistics parks in Chennai

LOGOS, a multinational logistics company, has acquired two logistics parks in Chennai, in the southern state of Tamil Nadu from Casagrand Group for more than US$99 million

February 26, 2019

The deal marks the Southeast Asia-focussed company’s first acquisition in India following the launch of its local business

Mappedu Logistics Park and Mahindra World City have access to Chennai Port and the Chennai Bangalore Industrial Corridor

LOGOS hopes to gain from Chennai's prominence as a leading industrial hub and the region’s growing consumption markets

LOGOS manages assets in Australia, China, Singapore, Indonesia, Malaysia and New Zealand worth around US$6.9 billion

LOGOS, a multinational logistics company, has acquired two logistics parks in Chennai, in the southern state of Tamil Nadu from Casagrand Group for more than US$99 million. The deal marks the Asia Pacific focussed company’s first acquisition in India following the launch of its local business. The acquired assets, Mappedu Logistics Park and Mahindra World City, are located in industrial corridors of Chennai. The industrial parks, with total gross lettable area of 2.2 million sq ft, have access to the Chennai Port as well as the Government-approved Chennai Bangalore Industrial Corridor. LOGOS said that both parks were fully leased and provided further development opportunities within the sites.

LOGOS expect the Indian capacity to boost its Asia Pacific portfolio. “India has one of the fastest-growing economies in the world and with a high-growth real estate sector, this market is an important part of our Asia Pacific strategy as we continue to support our tenant customers’ growth across the region. We look forward to bringing our significant regional experience and global development and design standards to India and these two new properties,” said Trent Iliffe, the company’s managing director. LOGOS hopes to gain from Chennai’s prominence as a leading industrial hub, the region’s growing consumption markets as well as access to one of the country’s largest ports and industrial corridors.

LOGOS has set up its India operations in partnership with a local real estate firm, Assetz Property Group. The Indian unit focuses on leading logistics hubs across Mumbai, Pune, Chennai, Delhi NCR, Bangalore, Hyderabad and Ahmedabad. LOGOS India, with over US$800 million of investment capacity, is looking to invest in developing high quality, modern logistics assets across its initial target markets. In Chennai, The company aims to enhance the two parks, through active asset management, developing the available land within the sites. LOGOS currently runs operations in Australia, China, Singapore, Indonesia, Malaysia and New Zealand. As of mid-2018, it had managed assets worth US$6.9 billion.