Casagrand, a real estate developer, has announced a co-development deal with private equity firm Blackstone to build two industrial and logistics parks at Sriperumbudur, near Chennai.

The development will span 4.2 million sq. ft. on a 154-acre land parcel, with Blackstone commiting to an investment of approx. Rs 700 crore. The facilities are expected to be operational within 30 months. The Parks will target manufacturing clients, including electronics and automobile sectors, alongside logistics end-users. The partnership with Blackstone aligns with Casagrand’s strategy to scale up its logistics offerings, aiming to generate 10-15 percent of group revenue from this segment. 

"Industrial warehousing is something we've been operating for the last 7-8 years… We realised that we needed a long-term participant for our ventures... and who else is a better player than Blackstone," Arun MN, Casagrand's Chairman and Managing Director said.