Logos, a warehousing developer, has signed a deal with Shriram Properties Ltd to buy up to 90 acres of land for a logistics park in the ‘Shriram Grand City’ township project in Uttarpara, near Kolkata. This will also be the company’s first project in the state of West Bengal. Logos expects to invest roughly $100 million in the project, which will include land and development costs, and will include 2.2 million square feet of industrial and warehousing space. On completion of due diligence and regulatory approvals, the transaction is projected to close in the second half of 2022-23. Shriram Properties, located in Bengaluru, is currently developing the ‘Shriram Grand City’ integrated township project on 314 acres it owns in Uttarpara. Around 4.5 million sq ft of residential apartments for 5,500 families is under development, of which over 500 homes will be handed over later this year. “Our foray into eastern India through Kolkata is in line with our strategy to focus on large scale development in key markets. We are excited to bring in benefits of multi-user and large-scale logistic infrastructure development with this proposed acquisition,” said Mehul Shah, CEO of Logos’ India business. In India, Logos has developed 5 million sq ft of warehousing and logistic parks in National Capital Region (NCR), Chennai and Bengaluru.
