Warehousing developer: LOGOS to buy Shriram Properties’ of up to 90 acres land for logistics park
- ByStartupStory | April 26, 2022
With real estate firm Shriram Properties Ltd, Warehousing developer LOGOS has inked a pact to buy up to 90 acres of land in ‘Shriram Grand City’ township project near Kolkata’s Uttarpara, for a logistics park.
Around $100 million in the project, including land and development costs will be invested in LOGOS, and to build 2.2 million sq ft of industrial and warehousing space has been planned by it. In West Bengal, this will also be its first project.
In the second half of 2022-23, the transaction is expected to be completed on completion of due diligence and regulatory approvals.
Currently, an integrated township project, ‘Shriram Grand City’, is being developed on 314 acres it owns at Uttarpara by the Bengaluru-based Shriram Properties.
Residential apartments of around 4.5 million sq ft for 5,500 families is under development, of which later this year, over 500 homes will be handed over.
The developer has earlier said for residential development, it intends to develop 10 million sq ft of saleable area and sell the remaining area for other formats of development to strategic partners.
About 5 million sq ft of warehousing and logistic parks in Chennai, National Capital Region (NCR), and Bengaluru has been developed by LOGOS in India.
At the Global Investor Summit organized by the West Bengal government in Kolkata, the memorandum of understanding between LOGOS and Shriram Properties was signed. The transaction is subject to due diligence and regulatory approvals.
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