Welspun One Logistics Parks (WOLP) is part of the Welspun Group and has acquired 40 acres of land on the Malur-Hosur Highway to build a large storage facility. With a development potential of approximately 1 million square feet and a total project cost of Rs 300, the facility will serve the needs of industrial and warehouse space in the Bangalore Metropolitan Area (BMR).
Bangalore has always been a market with scarce warehousing supplies, and there are limited institutional developers in A-level space; however, in the context of the post-epidemic e-commerce boom, demand has risen significantly. According to research estimates by various international real estate consultants (IPC), Bangalore’s demand for storage and industrial space is expected to reach approximately 1.5-20 million square feet in the next three years. The acquisition coincides with the timing, which provides WOLP with a first-mover advantage and at the same time helps the company capitalize on the trend of shifting customer preferences to Class A warehouses.
Speaking of strategic expansion, Welspun Group Chairman BK Goenka commented: “South India has always been an important market for us. This is a key first step in establishing business in the region through the development of logistics infrastructure. From our location in Maharashtra From the flagship park of Bhiwandi in Labang to the recent acquisitions in Farukhnagar and Lucknow in Uttar Pradesh, WOLP has made significant progress in supporting the county’s storage network in a short period of time. Our current acquisitions will deepen our fund’s portfolio and Reinforce our vision of becoming a pan-Indian warehousing company.”
Anshul Singhal, MD, of the Welspun One Logistics Park explained: “This land is easily accessible via the Sarjapur Highway, close to the residential and IT catchment areas in southeast Bangalore. It also has the additional advantage of benefiting from Hosur’s well-developed industrial ecosystem. Our efforts to build first-class storage facilities in the region will benefit tenants including e-commerce/3PL/end users and industrial and engineering companies operating in the state.”
This is the first of six projects in the Memorandum of Understanding (MoU) signed between Welspun One and the Tamil Nadu node agency government to establish storage facilities throughout the region. The projects implemented under the memorandum of understanding are expected to bring about 2500 rupees in direct investment to the state.
Complete News Source : Construction Week