NDR InvIT, a privately listed infrastructure investment trust backed by Bahraini alternative asset manager Investcorp, has acquired two fully operational warehousing assets in Kochi and Coimbatore for about Rs 260 crore (around $28 million).
The assets together span around 0.79 million square feet of leasable space. The deal will be completed using a mix of cash and unit swap.
Both properties are fully occupied, with an average lease period of around 5.2 years. The tenants include companies from the logistics, manufacturing, and industrial sectors.
This acquisition marks NDR InvIT’s entry into Kochi and expands its footprint to 18 cities across India.
NDR InvIT noted that Kochi and Coimbatore are emerging logistics hubs, with demand rising due to growth in e-commerce, third-party logistics, and manufacturing. Their strong infrastructure and proximity to key markets further enhance their appeal, the firm said in a statement.
Following the deal, NDR InvIT’s total operational portfolio will increase to around 22.96 million square feet.
“This portfolio addition is aligned with our strategy of deepening our presence in emerging, high-growth logistics markets,” said Amrutesh Reddy, managing director, NDR Warehousing Pvt Ltd.
“Going forward, we see significant opportunities to scale our platform across South India and other underpenetrated hubs, backed by strong occupier demand and improving infrastructure. Our focus will be on accelerating growth while maintaining asset quality and delivering sustainable distributions to our investors,” Reddy added.
NDR InvIT is India’s first listed warehousing and industrial parks InvIT. Its portfolio includes over 75 warehouses and 42 industrial parks across 18 cities, leased to more than 100 tenants across sectors like logistics, e-commerce, and manufacturing.
Last month, the firm acquired a fully operational warehousing asset in Pune for Rs 203 crore from its sponsor, the NDR Group, through a mix of cash consideration and unit swap.
