Gurgaon-based industrial and logistics real estate developer Pragati Group has raised USD 200 million (about Rs 1,600 crore) in equity from an undisclosed Singapore-based private equity fund. With this fund infusion, existing financial partner Morgan Stanley has been provided an exit. Additionally, Pragati One and Pragati Farukhnagar Logistics Parks have been taken over by the equity fund company.
“We want to be one of the top five industrial and logistics real estate developers in the country by developing a portfolio of 30 million sq ft across key tier-1 and tier-2 Indian cities. Pragati has worked with companies like Amazon, Flipkart, DHL, Daikin, Bosch, and this capital will enable us to expand to other major cities in India,” said Jitender Yadav, Founder, Pragati Group.
Pragati Group has developed 12 million sq ft of logistics parks over the past decade, including the 2 million sq.ft. warehouse in Ludhiana set up last year for Flipkart. Their upcoming projects include developing 3 million sq.ft. for its various other clients and investors across India.
According to CBRE, real estate investments in India in 2022 increased 32% year-on-year to an all-time high of %7.8 billion. In the quarter to December 2022, investments in real estate in the country stood at $2.3 billion, up 64% quarter-on-quarter and 115% year-on-year. Foreign investors took the lead with a 57% share in the overall investment volume in 2022. Delhi-NCR led investment activity, followed by Mumbai. Cumulatively, the two cities accounted for more than 56% share of the investments in 2022.