Embassy Industrial Parks leases 3.5 lakh sq ft warehousing space to Rhenus Logistics

NEW DELHI: Embassy Industrial Parks on Friday said it has given on lease 3.5 lakh sq ft of warehousing space to German firm Rhenus Logistics in its Farukkhnagar facility being developed at a cost of Rs 500 crore. Embassy Industrial Park is a joint venture between Bengaluru-based realty firm Embassy group and private equity firm Warburg Pincus. Rhenus Logistics is a leading global third-party logistic firm with a 5.1 billion euros turnover. It has 31,000 employees across 660 sites. Rhenus India provides integrated logistics solutions. It is operating out of 69 offices and warehouses across the country with an employee strength of over 1,600.

Aditya Virwani, spokesperson Embassy Industrial Parks and COO of Embassy Group, said: "Rhenus Logistics is an esteemed addition to our third-party logistics clients list associated with us in our Farrukhnagar facility." The company has so far leased 1.5 million sq ft area out of total leasable area of 3 million sq ft in this 108 acre warehousing facility. Virwani said the total investment on developing this logistics park is Rs 500 crore. He declined to share the rental at which the space has been leased to Rhenus. Marcus Fornell, Director - Contract Logistics, Rhenus Logistics added, "This is a flagship facility of Rhenus India with state-of-the-art infrastructure, equipped with modern technology." With this addition, Rhenus India has 20 lakhs sq ft of warehousing space across all key locations in India, he added. Indian warehousing sector is growing rapidly on strong demand from third party logistics (3PL) and ecommerce sector. Many real estate players have entered this space and is developing Grade A logistics parks across the country. Founded in 2015, Embassy Industrial Parks is developing warehousing projects at Chakan in Pune, Sriperumbudur and Hosur in Tamil Nadu; Farrukhnagar and Bilaspur in Delhi NCR; and Kothur - Hyderabad.

Source: https://realty.economictimes.indiatimes.com/news/allied-industries/embassy-industrial-parks-leases-3-5-lakh-sq-ft-warehousing-space-to-rhenus-logistics/74404858

February 28, 2020

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