Online edition of India's National Newspaper
Thursday, Apr 10, 2008
ePaper | Mobile/PDA Version
Online edition of India's National Newspaper Thursday, Apr 10, 2008 ePaper | Mobile/PDA Version |
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Business
Rs. 2,300-crore investment in three years Acquires 27 acres in Loni near Pune MUMBAI: K Raheja Corp, a leading real estate company, has entered into a 50:50 joint venture with Colorado-based ProLogis, a leading owner, manager and developer of distribution facilities globally. The joint venture is for warehousing and logistic infrastructure development in India and is ProLogis’ first transaction in the country. Under the agreement, the joint venture will acquire land, develop the property and manage the assets and will initially focus on securing development opportunities in cities including Mumbai, Chennai, Delhi, Bangalore, Kolkata and Pune. The joint venture will invest around Rs. 2,300 crore over three years. To start with, the joint venture has acquired 27 acres in Loni near Pune. The joint venture is expected to develop 7.5 million sq. ft. in the next three years and a total of 25 million sq. ft. over the next five years. C. L. Raheja, Chairman of the K Raheja Corp Group, said, “a majority of the existing distribution space is functionally obsolete and this new partnership will meet the growing demand for high quality logistics facilities.” The K Raheja Group is also into retail and hospitality segments besides its core business of realty. The group owns some of the country’s leading retail brands such as Shopper’s Stop, Inorbit Mall, HyperCity and Crossword. Jeff Schwartz, Chairman and Chief Executive Officer of ProLogis, said, “we have seen demand for modern warehouse space in India rise steadily over the past several years, owing to strong growth in manufacturing, widespread infrastructure improvements and greater interest among companies to outsource logistics requirements.”
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