Rs 130 cr worth acquisition to build Grade A warehouse in India

Mirae Asset Credit Opportunities Fund has announced acquisition of a Mumbai-based industrial logistics and warehousing asset for Rs 130 crore, marking first such deal under its India-focused foreign institutional funds allocated for high-grade Indian real estate opportunities. Mirae Asset Credit Opportunities Fund, a category II AIF has made its maiden acquisition of a logistics facility, a pre-leased Grade A industrial asset at Bhiwandi, MMR, spread over a 10-acre land in Bhiwandi near Mumbai, the company said in a statement. The industrial property, housed in the 160-acre K-Square Integrated Industrial Park, has been acquired from Prakhhyat Group, it added. “We are also exploring opportunities at office acquisition deals including IT parks, corporate offices besides logistics & industrial space. We continue to be bullish on Indian economy and the real estate sector in India,” said Jun Young Hong, director, Mirae Asset Investment Managers (India) Pvt. Ltd. Mirae Asset Management also operates lending and mutual fund businesses. With a total leasable area of over 3 lakh sq ft, the acquired asset has been rented out to Rhenus Logistics, a global logistics services provider headquartered in Germany with operations across Europe, Asia, and South America.