Asia Pacific logistics real estate major LOGOS and its venture partner Ivanhoe Cambridge have acquired a 77-acre industrial land parcel in Pune’s Chakan industrial area for developing a large-scale logistics park. The logistics venture will invest Rs 650 crore in the project.

LOGOS is planning to commence work on the project in August, 2023 and expects to spread the phased development over three years. The land parcel is located in the MIDC industrial and logistics site within the Chakan Industrial area, which houses more than 1,000 manufacturing enterprises in electronics and electrical vehicles (EV) sectors.

The LOGOS India-Ivanhoe Cambridge logistics venture, which intends to meet the requirements for Grade A industrial and logistics space through an efficient development programme, has USD 800 million in investment capacity to develop and own high-quality, modern, industrial and logistics facilities in India's key markets.

The site has a development potential of over 2.2 million sq. ft. to be utilised as large-scale, prime-grade industrial facilities to cater to the increasing demand from EV, auto-ancillary, electronics and other customers. The site can be accessed from the Mumbai-Pune Expressway and Mumbai-Bangalore NH-48, and access to Pune from Mumbai’s port and other key infrastructure.

At present, LOGOS has a total four logistics parks with gross leasable area of 5.7 million sq. ft. across Bengaluru, Chennai and the National Capital Region (NCR), with a  completed investment of Rs 1,700 crore for development of these properties.

The Pune acquisition is LOGOS’ fifth real estate transaction in India, and developments are also underway in Delhi, Chennai and Bengaluru.