The latest commitment builds on the seed portfolio of projects developed by Pragati Warehousing
Logicap Management, an industrial specialist backed by Singapore-based Rava Partners, has received a follow-up investment from Mitsubishi Estate, deepening their partnership after they formed a joint venture last year to develop facilities across India.
The fresh funding from the Japanese property giant will help support JV projects in the southern city of Chennai and its nearby localities of Sriperumbudur and Mapeddu, including facilities suitable for manufacturing tenants, according to Logicap, which is a portfolio company of Rava, the real assets division of fund manager Hillhouse Investment.
No deal value was disclosed for the latest transaction, but Logicap fund management head Priyank Shah said the tie-up with Mitsubishi Estate reflects a shared long-term vision for infrastructure in the world’s most populous country.
“As global capital increasingly looks to India, our goal is to continue delivering high-quality, sustainable infrastructure at scale,” Shah said in a release. “We are proud to have a like-minded partner in Mitsubishi Estate to help realise this vision.”
Growing Shed Portfolio
The latest commitment builds on the JV’s seed portfolio of assets in the National Capital Region of Delhi, including two operating warehouses developed by Pragati Warehousing, a portfolio company of Logicap. The pair of facilities in Gurugram are spread across 29 hectares (71.7 acres) and offer a combined area of 1.9 million square feet (179,000 square metres).
Priyank Shah, head of fund management at Logicap
The expanded investment boosts the venture to nearly 5 million square feet, including the new development projects that are expected to go live by next year, Logicap said. The enlarged set of assets forms the cornerstone of Logicap’s plan to develop a 13.5 million square foot pan-India portfolio with a focus on high-growth corridors like Mumbai, Pune, Chennai, Bangalore and Delhi NCR.
“With Mitsubishi Estate’s deep global experience and our strong local execution capabilities, we are well positioned to unlock value across key markets and meet the rising demand for institutional-grade industrial assets,” said Abhay Goyal, chief investment officer of Logicap India.
Mingtiandi reported in November that Rava’s India-based operating partner, Alta Capital, had acquired logistics facilities in Chennai and Pune from rival Indospace for INR 8.4 billion ($99.6 million). The acquisitions of the fully leased warehouses added 2.5 million square feet to the Alta-managed India portfolio.
That deal came as one of Indospace’s biggest backers, GLP, was restructuring its holdings globally, including with the $3.7 billion sale of its non-China funds business to US private equity firm Ares Management.
APAC Tour Goes On
Mitsubishi Estate’s latest bet on India industrial comes as Japanese capital continues to pour into Asia Pacific real estate.
Hong Kong-listed ESR broke ground earlier this month on a multi-storey warehouse and automated container depot in Singapore alongside a quintet of Japanese co-investors, including Tokyo-based builders Tokyu Land and Hulic. The complex will span 1.5 million square feet of gross floor area when fully operational in 2027, making it one of the largest such facilities in the city-state.
In March, Osaka-based Daibiru Corp announced plans to acquire a central Sydney office tower from a fund managed by Investa Property Group, with market sources confirming a deal value of around A$600 million ($378 million). Under the terms of the year’s biggest office deal Down Under, Investa will continue as the investment and property manager of the 27-storey building at 135 King Street, which comprises 351,925 square feet of net leasable area.
Japanese investors deployed A$2.3 billion into Australian commercial real estate in 2024, according to MSCI, with property titan Mitsui Fudosan’s acquisition of a 66 percent stake in the 55 Pitt Street project in Sydney accounting for a significant portion.
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