Ascendas Firstspace buys 9 lakh sq ft industrial warehousing space in Gujarat for Rs 275 cr

New Delhi, Feb 25 (PTI) Ascendas Firstspace has bought 9 lakh square feet of warehousing and industrial space at Bawla, Ahmedabad, from Crystal Group for about Rs 275 crore.

In a statement on Wednesday, AARE Consulting said it has facilitated the deal between Ascendas Firstspace and Crystal Group.

"Under the forward purchase structure, the project will be developed and transferred in phases over the next 18 months, aligning capital deployment with construction milestones," AARE Consulting said.

This is the first major deal by AARE Consulting, founded by industry veterans Pratyush Pandey and Pankaj Galav.

Commenting on the deal, Aloke Bhuniya, CEO of Ascendas Firstspace, said, "Our investment in Bavla, Ahmedabad, marks Ascendas Firstspace's foray into Gujarat, a key milestone that aligns with our strategy of expanding across high-growth industrial corridors supported by strong infrastructure and robust occupier demand." This asset will add quality stock to a market witnessing rising interest from manufacturing, e-commerce and third-party logistics occupiers, he added.

"The acquisition further strengthens our western India portfolio and reflects our commitment to delivering high-quality assets with strong ESG standards," Bhuniya said.

Ascendas Firstspace is a joint venture between Ascendas, a member of CapitaLand Ltd, and Firstspace Realty. PTI MJH HVA