Realty company Shriram Properties and LOGOS, an Apac-based warehousing and logistics developer firm, have entered into a Memorandum of Understanding (MoU) for a potential sale of up to 90 acre of land in Shriram Grand City at Uttarpara in Kolkata, which will be developed into a warehousing and logistics park by LOGOS.
LOGOS will invest about $100 million in this project, which would cover the land value, cost of development, and construction of 2.2 million sq. ft of industrial and warehousing space.
The MoU for the proposed transaction was signed at the Global Investor Summit organised by the government of West Bengal in Kolkata and is subject to necessary due diligence and certain regulatory and governmental approvals.
The park is expected to generate 50,000 local direct and indirect jobs in West Bengal. The transaction is expected to be completed during the second half of fiscal 2023.
“LOGOS’ proposed investment in Shriram Grand City will transform the micro-market and allow us to realise superior value for both companies’ stakeholders,” said M. Murali, Chairman and Managing Director of Shriram Properties Limited.
Shriram Properties is currently developing an integrated township project, ‘Shriram Grand City’, on 314 acres of the land parcel it owns at Uttarpara in Kolkata.
In India, LOGOS has already developed 5 million sqft of warehousing and logistic parks in NCR, Chennai, and Bengaluru and is currently in the process of expanding its presence in the country. It manages assets worth $19.6 billion across 119 properties in 10 countries, according to the statement.