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transaction in Bhiwandi within six months, bringing its total investment in the area to over Rs 300 crore.
Global asset management giant, Mirae Asset, has solidified its investments in India's logistics and industrial real estate sector with the recent acquisition of a pre-leased and income-generating warehousing property spanning 11 acres in Bhiwandi, located near Mumbai. The transaction involved the purchase from property and logistics developer BGR Constructions LLP.
Mirae Asset's Indian subsidiary, Mirae Asset Investment Managers (India), orchestrated the acquisition of this strategic logistics facility, situated within the BGR Logistics Park. Boasting a leasable area exceeding 5 lakh sq ft, the purchase was facilitated through a category II alternative investment fund (AIF) known as the Mirae Asset Credit Opportunities Fund, at a transaction value of approximately ?175 crore.
This latest acquisition marks Mirae Asset's second foray into the Indian logistics real estate market within the past six months. With this latest addition, the company now possesses a remarkable 8 lakh sq ft of warehousing space in Bhiwandi, representing a total investment of over ?300 crore in the region. Previously, Mirae Asset had acquired another pre-leased and income-generating warehousing property spanning 10 acres in Bhiwandi, featuring a 3 lakh sq ft leasable area.
The recently acquired warehousing asset serves as a vital fulfilment centre for ecommerce heavyweight Amazon India. Furthermore, the expansive logistics park, covering an impressive 70 acres, also houses other prominent tenants including DHL, Bestseller, Kuehne Nagel, Yusen Logistics, and Parekh Logistics.
Mirae Asset boasts a diverse range of financial services entities in India, encompassing mutual funds, fixed income, private equity, and real estate. With a primary focus on acquiring income-generating core logistics and industrial assets across the country, the Mirae Asset Credit Opportunities Fund represents the company's vehicle for this strategic endeavor.
Globally, Mirae Asset Global Investments manages assets worth $214 billion as of June 30, 2023. In India, the company oversees assets under management (AUM) exceeding ?1.34 lakh crore as of July 31, 2023, within its Mutual Fund business. Notably, Mirae Asset holds and manages approximately $10 billion worth of real estate properties worldwide, as of December 2022.
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