Mapletree enters logistics biz on buying KSH Infra from Morgan Stanley arm
Singapore-listed Mapletree Logistics Trust (MLT) has bought logistics firm KSH Infra from a unit of Morgan Stanley Real Estate Investing (MSREI). KSH Infra owns warehousing properties in Pune.
The transaction marks MLT's entry into the Indian logistics market.
The two warehousing and industrial logistics parks in Pune have a total area of about one million square feet and have been leased to blue chip multinationals.
MSREI bought a majority stake in KSH Infra for around Rs 350 crore in 2019.
Last year , Singaporean real estate asset manager Mapletree Investments bought part of 1.2 million sq ft warehouse in Chakan near Pune for $50 million, reports said.
Avendus Capital was financial advisor to the affiliate of MSREI and other shareholders of KSH Infra on the transaction.
Banking on growth in e-commerce and unified tax norms, many global firms are betting big on warehousing space .
In December last year, Singapore 's GIC and ESR set up $750 million JV to set up warehousing projects in the country. ESR recently announced its plan to develop a 38 acres industrial & logistics park in Chakan near Pune.
Vineet Sekhsaria, Executive Director, Morgan Stanley Real Estate Investing India said, “The Avendus team provided extremely valuable guidance, and their depth of knowledge in this asset class is commendable.”
Prateek Jhawar, Director and Head, Infrastructure & Real Assets Investment Banking at Avendus Capital said, “The acquisition by MLT solemnizes one of the first few direct investments by a global Real Estate Investment Trust (REIT) in India, and underscores Avendus’s market leadership position in the warehousing & logistics sector."