LOGOS acquires two logistics parks in Chennai for Rs 700 cr

Global logistics firm LOGOS Monday said it has acquired pre-leased warehousing assets of 2.2 million sq ft in Chennai from Casagrand Group for Rs 700 crore.

This is the first acquisition of the company in India following the launch of its Indian business.

"Mappedu Logistics Park and Mahindra World City are located within the established industrial corridors of Chennai, benefiting from prominent access to the government approved Chennai Bangalore Industrial Corridor and the Chennai Port," the company said in a statement.

The properties comprise a total gross leasable area (GLA) of 2.2 million square feet, across a combined area of about 85 acres of land. Both parks are fully leased and provide further development opportunities within the sites.

LOGOS' Managing Director Trent Iliffe said: "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."
Mehul Shah, CEO of LOGOS' Indian business, said: "Given Chennai's prominence as a leading industrial hub, with access to one of the country's largest ports, the parks are able to efficiently service the high-volume consumption markets of the greater Chennai region and the industrial corridors of Southern India."