Singapore-based property developer the Ascendas-Singbridge group has bought six warehouses in Panvel near Mumbai from the Mumbai-based logistics company Arshiya, for Rs 534 crore. Arshiya has monetized its six warehouses by selling and leasing them back. The six warehouses that Ascendas will acquire would have a total space of 832,000 sq ft. These are located at the Free Trade and...
Singapore-based property developer the Ascendas-Singbridge group has bought six warehouses in Panvel near Mumbai from the Mumbai-based logistics company Arshiya, for Rs 534 crore. Arshiya has monetized its six warehouses by selling and leasing them back.
The six warehouses that Ascendas will acquire would have a total space of 832,000 sq ft. These are located at the Free Trade and Warehousing Zone at Panvel, near Mumbai.
"This transaction will put Arshiya Group in a unique position to participate in scalable world-class warehouse construction and subsequent sale on a pan-India basis while retaining the 3PL (third-party logistics) management, thus implementing a solid Asset light model," said Ajay Mittal, Chairman at Arshiya Ltd.
AZB & Partners with a team led by Partners Sai Krishna Bharathan and Ananya Sharma; and Associates Urmika Tripathi and Khushboo Sukhwani acted for Ascendas Property Fund Trustee Pte. Ltd (“Ascendas”).
For the core purpose of repaying its debt, Arshiya will use the proceeds from the deal which will also help it achieve an asset-light model. Ascendas will then prospectively be getting a portfolio of income-yielding warehouses.