NDR InvIT Trust, a privately listed infrastructure investment trust that counts Bahraini alternative asset manager Investcorp as an investor, has acquired a warehousing asset for Rs 203 crore ($21.7 million).
The InvIT bought the fully operational asset from its sponsor, the NDR Group, it said in a statement. It will executive the acquisition through a mix of cash consideration and unit swap.
The asset has 0.7 million sqft of leasable area and is located in Pune’s Chakan-Talegaon industrial belt. It is fully occupied with long-term leases delivering a weighted average lease expiry of about 8.7 years, as per the statement. Its tenants include e-commerce, third-party logistics (3PL), and industrial companies.
“With strong underlying demand drivers, high-quality tenants, and long-term leases, this asset aligns well with our focus on acquiring income-generating, institutional-grade properties. We continue to build a diversified portfolio across key consumption and manufacturing hubs to drive sustainable value for our stakeholders,” said Krishnan Iyer, chief executive officer, NDR InvIT.
This is the second acquisition by the InvIT in as many months. Last month, it acquired a 1.78 million sq ft warehousing asset in Hosur, Tamil Nadu, for Rs 285 crore.
NDR InvIT has 67 warehouses and 39 industrial parks across 17 cities in India. With the latest acquisition, the InvIT’s total operating area will increase to approximately 22.17 million sq ft across the country.​
