Mirae Asset diversifies with entry into logistics and industrial real estate markets

5 Jan 2023 , 11:19 AM

Mirae Asset, an asset management firm, has entered the logistics and industrial real estate markets in India by purchasing a pre-leased and income-producing warehousing property spread across 10 acres in Bhiwandi, near Mumbai.

Mirae Asset has made its first acquisition in the logistics sector, purchasing a facility with over 300,000 sq ft of leasable space through its Category II Alternative Investment Fund (AIF), the Mirae Asset Credit Opportunities Fund, for approximately Rs135 crore.

This acquisition marks one of the first warehousing-related investments made by a mutual fund entity.

The said warehouse is leased to global logistics behemoth Rhenus Group, which signed a five-year lease. The German company has 31 locations in India, with multi-user and dedicated warehousing facilities totaling 2.5 million square feet.

The fund is also in the process of acquiring a nearly 400,000 sq. ft. ready building in the same location that is currently leased to a leading e-commerce player, with the transaction expected to close in the first quarter of 2023.

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