Prologis and RMZ to Build Bengaluru Warehouse Park

27 Nov 2024 , 01:01 PM

In order to construct a warehouse and logistics park in Bengaluru, US-based Prologis, the largest warehouse owner in the world, partnered with RMZ, one of India’s leading family-owned alternative asset owners.

Targeting third-party logistics and industrial clients, the 30-acre site in Hoskote, a major logistics hub in Bengaluru, would first supply 500,000 square feet.

When the facility is finished in the upcoming fiscal year, it will be RMZ’s first foray into the industrial and logistics (I&L) sector, adding to its diverse portfolio of high-end office spaces under the RMZ NXT brand.

“The fund held a significant position in the acquisition, which was finalised earlier this year. According to one of the news reports, “both parties own the land.”

The venture’s financial specifics were not disclosed by the individuals. In order to demonstrate its long-term commitment to India’s logistics industry, RMZ plans to greatly expand its I&L portfolio in the upcoming years.

For RMZ, which declared in late 2023 that it will enter the I&L market under the RMZ NXT brand, the project is a calculated strategic move. With 4 million square feet of logistical infrastructure, RMZ intends to expand the company even further in the upcoming years throughout key metropolises including Bengaluru, Mumbai, NCR, and Pune.

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