Sumadhura Group, a real estate developer in South India, has announced a major leasing deal with NX Logistics India (Nippon Express). The company has leased 1.8 lakh square feet of warehousing space at the Sumadhura Logistics Park, the largest Grade A warehousing facility in Bengaluru. This agreement, part of the first phase of the Sumadhura Logistics Park project, represents one of Nippon Express’s largest warehousing transactions in India.
The 9-year lease agreement covers a state-of-the-art warehousing space equipped with top-notch infrastructure and amenities, catering to the FMCG sector’s needs. This facility is part of Sumadhura’s investment of Rs. 600 crores in the park’s initial phase, which spans 100 acres and offers 2.5 million square feet of commercial warehousing space. Future expansion plans aim to increase the total warehousing space to 6 million square feet.
Madhusudhan G, Chairman & Managing Director of Sumadhura Group, commented, “We are thrilled to welcome NX Logistics India to our Sumadhura Logistics Park. This partnership underscores our commitment to providing advanced warehousing solutions and advancing the logistics sector in India. The rising demand for Grade A warehouses highlights the growing market need, especially from large-scale industries like FMCG, which is projected to reach a $10 billion market by 2030.”
Colliers reports that industrial and warehousing demand across the top five Indian cities remained strong, with approximately 13 million square feet of leasing activity in the first half of 2024 and a 17% year-over-year growth. Third-party logistics (3PL) players continued to dominate, accounting for 36% of the demand, with significant contributions from the engineering, FMCG, and electronics sectors.
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