Bahrain-based Investcorp has announced that it has led a $55 million investment in NDR Warehousing Private Limited, one of the largest Indian warehousing platforms.
NDR’s asset portfolio comprises 18 logistics parks spread across cities including Chennai, Mumbai, Bangalore, Coimbatore and Kolkata.
Over the next few years, the company is planning to double its portfolio from the current 11.6 million square feet as it expands into other cities such as Pune and Goa.
According to Investcorp, the NDR portfolio has performed resiliently during the Covid pandemic and has a current occupancy rate of over 99 percent.
Ritesh Vohra, partner and head of real estate at Investcorp India said: “Given the strong fundamentals and attractive secular tailwinds, Investcorp has been actively investing in the warehousing sector globally for many years now. In our experience, warehousing has been one of the few sectors to have demonstrated resilience and continued growth, despite the economic headwinds brought by the pandemic.
“This structured equity investment in India, backed by a robust operational portfolio, will provide our investors with an opportunity to invest in one of the attractive real estate growth opportunities, with what we believe are attractive risk-return metrics.”
N Amrutesh Reddy, managing director at NDR, said: “We are excited to welcome Investcorp as a strategic and financial partner in our journey to become the pre-eminent warehousing platform in India. We intend to continue our aggressive growth plans nationally, underpinned by our strong execution capabilities and long-standing tenant relationships.”
Investcorp has so far deployed $200 million in Indian real estate through two funds across 26 projects. It is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, e-commerce and technology sectors.
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