Xander Group, a Singapore-based alternative investment company, has acquired a 31-acre logistics park in Bagnan, located in West Bengal’s Howrah district, in its first warehousing investment in eastern India as regional demand grows.
“At the 800,000 sq ft logistics park on NH-6 (Kolkata – Mumbai Highway), about 55 kilometres (km) from Kolkata, around 50 percent is leased to e-commerce major Flipkart while the balance area is under construction,” reported Mint.
The park is being developed by Kolkata-based Jalan Builders. The investment is part of Xander’s $250 million industrial platforms, which is advised by its private equity real estate arm Xander Investment Management. Property consultant JLL was the transaction adviser to the deal.
The acquisition is part of Xander’s plan to grow its footprint in east India, with Kolkata positioned as the gateway to the eastern and north-eastern consumption markets. The region is very attractive to e-commerce firms due to relatively low penetration of organized retail.”
Earlier this year, Xander leased around 1.1 million sq ft of warehousing space to e-commerce firms Amazon India and Walmart-owned Flipkart in Bhiwandi, Maharashtra.