3 Jul 2023
Investcorp, a global investment manager specializing in alternative investments, today announced that it has made a follow-on investment of INR 500 cr (approximately $60.8 million ) in NDR Warehousing (“NDR”), one of India’s largest warehouse development and operating platforms. This comes after Investcorp led a $55 million investment round in NDR Warehousing last year.
NDR’s well-diversified asset portfolio comprises warehouses spread across 10 cities in India including Chennai, Mumbai, the National Capital Region (NCR), Bangalore, Pune, Coimbatore and Kolkata. With over 14 million square feet of operational assets that have an aggregate occupancy rate of over 95% plus around 5 million square feet under construction/proposed development, NDR is considering listing part of its warehousing portfolio as an Infrastructure Trust (InvIT).
Ritesh Vohra, Partner and Head of Real Estate at Investcorp India said: “Our second investment with NDR within a span of eighteen months is a testimony to NDR’s market leadership and robust performance, as well as to Investcorp’s conviction on the warehousing sector in India. We anticipate strong tailwinds and a long runway ahead for the sector and with an InvIT listing under evaluation, we expect NDR will be well positioned to capitalize on these market dynamics”.
Niraj Sirsalewal, Director, Real Estate at Investcorp India said: “Warehousing remains a high conviction investment theme for Investcorp globally, and we are pleased to double down on further development of our partnership with NDR as we work towards creating a well-diversified warehousing platform in India.”
Investcorp’s India Real Estate team invests in real estate projects located in top tier cities across the country. So far, the business has deployed over $350 million across the warehousing, residential and education related sectors broadly with a social infrastructure focus.
Investcorp is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include Intergrow Brands, Freshtohome, Zolo Stays, InCred Finance, Citykart, Wakefit, InsuranceDekho, NephroPlus, Unilog, and XpressBees.