9 Feb 2022
Investcorp, a global investment manager specializing in alternative investments, today announced that it has led a US $55 million investment in NDR Warehousing Private Limited, (“NDR”), one of the largest Indian warehousing platforms.
NDR’s well-diversified asset portfolio comprises 18 high quality logistics parks spread across over 8 cities including Chennai, Mumbai, the National Capital Region, Bangalore, Coimbatore and Kolkata. Over the next few years, the company is planning to double its portfolio from the current 11.6 million square feet as it expands into other cities such as Pune and Goa. Its portfolio has performed resiliently even during the Covid pandemic due to its high-quality tenant base and has a current occupancy rate of over 99%.
Ritesh Vohra, Partner and Head of Real Estate at Investcorp India said: “Given the strong fundamentals and attractive secular tailwinds, Investcorp has been actively investing in the Warehousing sector globally for many years now. In our experience, warehousing has been one of the few sectors to have demonstrated resilience and continued growth, despite the economic headwinds brought by the pandemic. This structured equity investment in India, backed by a robust operational portfolio, will provide our investors with an opportunity to invest in one of the attractive real estate growth opportunities, with what we believe are attractive risk-return metrics.”
N Amrutesh Reddy, Managing Director at NDR said: “We are excited to welcome Investcorp as a strategic and financial partner in our journey to become the pre-eminent warehousing platform in India. We intend to continue our aggressive growth plans nationally, underpinned by our strong execution capabilities and long-standing tenant relationships.”
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 US $200 million through two funds across 26 projects. It has an established history in the senior structured credit space within real estate, with a focus on mid-market and affordable residential projects being developed by well-established developers.
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, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, XpressBees, and Safari Industries.