Logos acquires Shriram Properties of 90 acres land which is located in Kolkata, this land is another massive development plan for the logistics park.
On Monday, Shriram Properties announced the plan to sell their 90acres of land in Kolkata to Logos for the development of warehousing park and logistics
Shriram Properties Ltd and Logos is an Asia Pacific logistics specialist who has begun into a Memorandum of Understanding (MoU) for a potential sale which is up to 90 acres of land in Shriram Grand City at Kolkata, it will be build into a logistics park and warehousing by Logos.
The (MoU) Memorandum of Understanding proceeded with the transaction which was signed by the West Bengal government at the Global Investor Summit, it took place at kolkata and it is focused on required due-diligence and regulatory approvals. Shriram Properties is a residential real estate developer which is located in South India, it is currently building an integrated/joined township project known as ‘Shriram Grand City’ with 314-acres land parcel at Uttarpara in Kolkata.
Logos acquires the land of Shriram Properties in Kolkata for new logistics park.
Logos acquires land for logistics park
This integrated project in Kolkata has around 4.5 million sq. ft. of area for residential apartments with families which is under development and over 500 homes to be built later this year. The developer has mentioned to build 10 million sq. ft of saleable area for residential progression and sell the area to strategic partners as well.
For FY23, the company plans to develop residential apartments for 5,500 families and to build over 500 plus homes with the area of 4.5 million sq. ft. Shriram Properties mentioned that they plan to build 10 million square feet of sales area for the use of residential development and the remaining area will be sold to strategic partners for other formats of development.
LOGOS Logistics which was founded in 2003, develops logistics parks and warehouses in the Asia region which is currently spread/developed to 10 countries with 19.6 billion of assets for around 119 across properties.
Logos had built its 5 million square feet warehousing and logistics park in India which is located at NCR, Chennai and Bengaluru, planning to expand its presence in the growing market as well. Logos with 2.2 million sq. ft plans to develop it as a modern and sustainable logistics park for the industrial and warehouses. This new logistics brought an opportunity for the local workers of 50,000 indirect jobs in West Bengal.
Logos logistics has built warehouse at NCR, Chennai and Bengaluru.
CEO of Logos Mehul Shah mentions, their developing land in eastern India they are currently focusing on the strategy for the large-scale development in major markets. They are thrilled for the advantage of this multi-user and large-scale logistics infrastructure development with their acquisition.
Shriram Properties MD chairman M Murali mentioned, LOGOS made the investment in Shriram Grand City which will modify the micro-market and enable them to realize the value of the both companies’ stakeholders.
Logos, at the current period is 10 countries with USD 19.6 billion of across 119 properties developing warehouses and logistics parks in the Asia Pacific region, it is also coming up with their advance and new logistics parks in India.