Australian industrial property developer LOGOS has established a partnership with the Indian arm of Singapore-based asset manager Assetz Property Group. Together they aim to raise US$400 million ($508 million) to build and manage modern, specialised logistics and industrial parks around India over the next four to five years.
Ben Salmon, Co-founder and CEO of Assetz Property Group, said that LOGOS will benefit from Assetz’s local development expertise through the partnership, while LOGOS will bring institutional management and development expertise, the Economic Times of India reported.
Trent Iliffe, Joint Managing Director, LOGOS added, “We are seeing extensive demand from our existing and new customers for institutional-grade logistics facilities in the region.”
The partnership will see approximately 20 million square feet of warehouse and logistics space developed in cities including Gujarat, Hyderabad, Mumbai and Bangalore.
“Assetz has a long history of partnering to enhance the growth of our business,” said Salmon. “I am confident that this association with LOGOS will deliver a market-leading warehousing and logistics business in India. This is the coming together of two companies with complementary values. We look forward to lending our local development expertise to LOGOS India.