South Korean Mirae Asset Firm Purchases Industrial Warehouse Asset in India

Mirae Asset Global Investments Co Ltd of South Korea has paid Rs 130 crore for an industrial and warehousing asset in Bhiwandi, Maharashtra.

This transaction was facilitated by Anarock, one of the country's leading real estate consultants.

Mirae Asset Global Investments paid Rs 130 crore for an outright purchase of a pre-leased Grade A industrial asset in Bhiwandi, Mumbai Metropolitan Region (MMR).

Prakhhyat Infraprojects has acquired the industrial property, which is housed in a 160-acre integrated industrial park and spans 9 acres.

This acquisition is perfectly aligned with the firm's vision of investing in high-quality commercial leased properties in India, according to Junyoung Hong, Chief Business Officer - Mirae Asset Global Investments (India) Pvt Ltd. "Mirai Assets Group is expanding its global real estate portfolio and has set aside USD 500 million to invest in leased Indian commercial assets," he continued.

This asset houses an incumbent tenant Rhenus Logistics, a global logistics services provider headquartered in Germany with operations in Europe, Asia, and South America. It has a total leasable area of over 3 lakh square feet.

Shobhit Agarwal, MD & CEO - ANAROCK Capital, commented on the transaction, saying that the company facilitated this acquisition for Mirae Asset Investments Group, which has astutely identified a highly strategic asset in one of West India's most prominent growth corridors for the industrial and logistics industry.

Bhiwandi controls approximately 16% of the top ten micro-markets and is now dominant in the Grade A warehousing space.

"Due to an increase in demand, such Grade-A warehousing assets will witness anywhere between 15-20 per cent of annual growth over the next 3-4 years," Agarwal said.