Panattoni Invests Rs 110 Cr in First India Warehouse Park
By Rediff Money Desk, NEWDELHI Dec 05, 2023 17:14
US-based Panattoni will invest Rs 110 crore in its first warehouse park in Delhi-NCR, marking its entry into the Indian market. The project, 'Panattoni Park NH71', is expected to be completed by March 2025.
New Delhi, Dec 5 (PTI) US-based Panattoni, a global leader in industrial and logistics real estate development, will invest Rs 110 crore by March 2025 to develop a warehouse park in Delhi-NCR, its first project in the Indian market.
In July last year, Panattoni announced its foray into India and said the company would invest USD 200 million to develop four industrial and logistics parks as it seeks to tap the growing demand for warehousing spaces across major cities.
On Tuesday, the company announced its inaugural project in India with the Phase 1 launch of 'Panattoni Park NH71' in Delhi-NCR.
"We have acquired 17-acre land to develop our first project in Delhi-NCR. The construction work will start in the first quarter of the next calendar year. It will take a year to complete the project," Panattoni India Managing Director Sandeep Chanda told PTI.
The total cost to develop 3.6 lakh square feet of area would be around Rs 110 crore, he said, adding that the company has tied up with some institutional investors to meet the cost.
"Panattoni views India as a critical node for its global business and plans to rapidly expand in the country in the coming years," Chanda said.
He said the company is looking for more land in major cities.
According to real estate consultant Vestian, the average monthly rent of warehousing and logistics space in and around the national capital region rose 4 per cent annually to Rs 22.5 per square feet in the first six months of this year on higher demand.
The leasing of warehousing and logistics space in Delhi-NCR increased 68 per cent to 4.7 million square feet in the January-June period this year as against 2.8 million square feet in the year-ago period.
Indian venture, Panattoni India Development Pvt Ltd, is headquartered in Bengaluru.
On average, Panattoni Group invests around EUR 8 billion a year globally.
It has delivered 21.2 million square metres of area in Europe and 56.3 million square metres globally, with an additional 3.1 million square metres under construction in Europe.
In July last year, Panattoni announced its foray into India and said the company would invest USD 200 million to develop four industrial and logistics parks as it seeks to tap the growing demand for warehousing spaces across major cities.
On Tuesday, the company announced its inaugural project in India with the Phase 1 launch of 'Panattoni Park NH71' in Delhi-NCR.
"We have acquired 17-acre land to develop our first project in Delhi-NCR. The construction work will start in the first quarter of the next calendar year. It will take a year to complete the project," Panattoni India Managing Director Sandeep Chanda told PTI.
The total cost to develop 3.6 lakh square feet of area would be around Rs 110 crore, he said, adding that the company has tied up with some institutional investors to meet the cost.
"Panattoni views India as a critical node for its global business and plans to rapidly expand in the country in the coming years," Chanda said.
He said the company is looking for more land in major cities.
According to real estate consultant Vestian, the average monthly rent of warehousing and logistics space in and around the national capital region rose 4 per cent annually to Rs 22.5 per square feet in the first six months of this year on higher demand.
The leasing of warehousing and logistics space in Delhi-NCR increased 68 per cent to 4.7 million square feet in the January-June period this year as against 2.8 million square feet in the year-ago period.
Indian venture, Panattoni India Development Pvt Ltd, is headquartered in Bengaluru.
On average, Panattoni Group invests around EUR 8 billion a year globally.
It has delivered 21.2 million square metres of area in Europe and 56.3 million square metres globally, with an additional 3.1 million square metres under construction in Europe.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Jaiprakash Power Ven
- 20.12 (+ 4.96)
- 60298865
- Vodafone Idea L
- 9.87 ( -3.05)
- 51345961
- RattanIndia Power
- 16.90 (+ 4.90)
- 35505535
- Evexia Lifecare
- 3.98 (+ 0.76)
- 34274666
- Spicejet Ltd.
- 65.58 ( -3.74)
- 29076648
MORE NEWS
Marriott Opens First Global Tech Center in...
Marriott International has launched its first Global Capability Centre (GCC) in...
India Joins International Energy Efficiency...
India has been approved to join the International Energy Efficiency Hub, a 16-nation...
India, US Discuss Investments in Industrial Cities
India and the US discussed investment opportunities in planned industrial cities,...