Mirae Asset Credit Opportunities Fund has acquired pre-leased Grade-A industrial asset at Bhiwandi in the outskirts of Mumbai from Prakhhyat Group for ₹130 crore.

The industrial property, which is housed in the 160-acre K-Square Integrated Industrial Park, is spread over nine acres.

This is the first acquisition of Mirae Asset Investment Group under its India-focused funds allocation for high-grade Indian real estate opportunities.

Jun Young Hong, Director, Mirae Asset Investment Managers (India), said the acquisition is perfectly aligned with the firm’s vision of investing in top-grade commercial leased properties in India.

Exploring opportunities

“We are also exploring opportunities at office acquisition deals including IT parks, corporate offices besides logistics and industrial space,” he said.

With a total leasable area of ​​over three lakh sq.ft, this asset houses an incumbent tenant, Rhenus Logistics, a global logistics services provider headquartered in Germany with operations across Europe, Asia and South America.

Sandeep Bagla, Director, Prakhhyat Group, said, “This warehousing space will deliver a massive competitive advantage, as such grade-A warehousing assets have a multi-faceted beneficial impact on operational efficiencies and are aligned to international standards.”

Global investment groups will increasingly identify and secure such superior assets to ramp up their presence in India, he added.

Demand for grade-A spaces

ANAROCK Capital Advisors acted as the transaction consultants for the deal. Shobhit Agarwal, MD and CEO, ANAROCK Capital, said that Bhiwandi commands about 16 per cent share among the top-10 micro-markets, now dominating the grade-A warehouse space.

Due to an increase in demand, such grade-A warehousing assets will witness anywhere between 15 and 20 per cent of annual growth over the next three-four years, he said.

The warehousing sector is seeing rising demand for third-party logistics and e-commerce companies and across sectors such as retail, FMCG, manufacturing and electronics.

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