Welspun One Logistics Parks (WOLP), part of the Welspun Group, acquires 40 acres of land, located on the Malur-Hosur road, to set up a large-scale warehousing facility.
With a development potential of ~1 million square feet and a total project cost of INR 300 Cr, the facility will service the Bengaluru Metropolitan region’s (BMR’s) industrial and warehousing demand for space.
Bengaluru has seen a significant uptick in Grade A warehousing demand on the back of the post COVID E-Commerce boom.
The state which historically has been a warehousing supply starved market, as per research estimates is likely to see demand for both warehousing and industrial space of ~15-20 million square feet over the next 3 years.
With this acquisition WOLP gets an early mover advantage while helping the firm capitalize on the shifting customer preference towards Grade A warehouses.
“South India has always been an important market for us, and this is a crucial first step towards building a presence in the region by developing logistics infrastructure. WOLP has made significant progress in supporting the county’s warehousing network in a short span of time – from our flagship Park in Bhiwandi, Maharashtra to the more recent acquisitions in Farukhnagar, Haryana and Lucknow, Uttar Pradesh. Our current acquisition will deepen our Fund Portfolio as well as strengthen our vision of being a pan India warehousing player.”B.K. Goenka, Chairman, Welspun Group
“The land by virtue of being easily accessible via the Sarjapur road is located close to the residential and IT catchments of South-East Bengaluru. It also has the added advantage of benefitting from the well-established industrial ecosystem in Hosur. Our efforts to build top class warehousing facilities in this region will greatly benefit occupiers including E-commerce/3PL/end users along with industrial and engineering companies with operations in the state.”Anshul Singhal, MD, Welspun One Logistics Parks
This is the first of six projects as part of the Memorandum of Understanding (MoU) that Welspun One recently signed with the Government of Tamil Nadu’s nodal agency to set up warehousing facilities across the region.
The projects, to be executed under the MoU, are expected to bring in direct investments of approximately INR 2500 Cr to the state.