NDR InvIT Acquires Rs 706.1cr Industrial Portfolio

Mumbai, Jan 21 (PTI) NDR InvIT Trust on Tuesday announced it has acquired a Grade-A industrial and warehousing portfolio for Rs 706.1 crore.

Spread across Surat, Hyderabad, Bengaluru, and Pune, the strategic acquisition adds 2.01 million square feet (MSF) of fully operational, high-quality assets to NDR InvIT's growing portfolio it said.

The deal is expected to deliver robust returns and includes properties with 100 per cent occupancy, marquee tenants, and a weighted average lease expiry (WALE) of 15.4 years, NDR InvIT said.

The transaction will be financed through a mix of cash consideration of Rs 565.10 crore million) and a preferential issue of Rs 141 crore which will see 11.01 million units allotted at Rs 128 per unit, representing a 21.6 per cent premium over the trade price, it said.

"This acquisition marks a significant step in strengthening our portfolio with high-quality, diversified assets that align with India's infrastructure growth ambitions. As the country focuses on modernizing supply chains under initiatives like the Gati Shakti National Master Plan and the 'Make in India' campaign, these strategic investments reaffirm our commitment to advancing the warehousing and industrial sectors while delivering long-term stable returns to our stakeholders," said Amrutesh Reddy, Director, NDR InvIT Managers.

By expanding into key markets such as Surat and Hyderabad, we are well-positioned to address the rising demand for world-class industrial and logistics infrastructure, he added.

The acquisition is expected to enhance NDR InvIT's consolidated GAV (gross assets value) by 15.22 per cent, increase its operating area by 12 per cent to 19-million sq ft, and further diversify its geographic presence by entering the Surat and Hyderabad markets while strengthening its foothold in Bengaluru and Pune, it said.