Real estate firm Casagrand Builder is in talks with global logistics fund Ascendas-Firstspace to sell 22 acre fully-built and leased warehousing space in Chennai’s Mahindra World City in Tamil Nadu. The deal is valued at about Rs 400 crore.
Casagrand Builder and Ascendas-Firstspace have signed a non-disclosure agreement and the deal is expected to close soon.
This is the second warehousing deal inked by the Chennai-based developer which builds, leases and sells multi-product warehousing and industrial parks across the southern market.
Casagrand Builder plans to develop multiple high-grade logistics and warehousing parks across key locations in Bengaluru, Coimbatore and Hyderabad and sell them.
The Ascendas-Firstspace joint venture currently has 13 million sq ft of logistics parks with development potential. India remains one of its key markets. It plans to invest in projects aimed at developing logistics and factory spaces in Mumbai, the National Capital Region, Pune, Chennai, Bengaluru and Ahmedabad.