Real estate company Shriram Properties and LOGOS, an Apac-based warehousing and logistics development company, have signed a Memorandum of Understanding (MoU) for a potential sale of up to 90 acres of land in Shriram Grand City near Uttarpara in Kolkata, which will be turned into a warehouse by LOGOS and logistics park expanded.
LOGOS will invest approximately $100 million in this project, which would cover land value, development costs and the construction of 2.2 million square feet of industrial and warehouse space.
The Letter of Intent for the Proposed Transaction was signed at the Global Investor Summit organized by the Government of West Bengal in Kolkata and is subject to required due diligence and certain regulatory and regulatory approvals.
The park is expected to create 50,000 local direct and indirect jobs in West Bengal. The transaction is expected to close in the second half of fiscal 2023.
“LOGOS’ proposed investment in Shriram Grand City will transform the micro market and allow us to realize greater value for the stakeholders of both companies,” said M. Murali, Chairman and Managing Director of Shriram Properties Limited.
Shriram Properties is currently developing an integrated township development, Shriram Grand City, on 314 acres of land it owns in Uttarpara, Kolkata.
In India, LOGOS has already developed 5 million square feet of warehouse and logistics parks in NCR, Chennai and Bengaluru and is currently in the process of expanding its presence in the country. According to the statement, the company manages $19.6 billion in assets across 119 properties in 10 countries.
