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ProLogis enters into JV partnership with K Raheja Corp
09
Apr '08
ProLogis the world's largest owner, manager and developer of distribution facilities, announced that it has entered the market in India through a 50/50 development joint venture agreement with K Raheja Corp, one of the largest real estate developers in India.

"We are very pleased to announce our new joint venture agreement with K Raheja Corp," said Jeff Schwartz, chairman and chief executive officer of ProLogis.

"Over the last few years, ProLogis has achieved tremendous success in Asia following the establishment of operations in Japan, China and South Korea. Launching development in India, one of Asia's most vibrant growth markets, is a logical next step and one that we believe will create real value for our shareholders and provide reliable access to new warehouse space for our global customers."

Under the terms of the agreement, the joint venture will acquire land, develop properties and manage the assets and will initially focus on securing development opportunities in the cities of Mumbai, Chennai, Delhi, Bengaluru, Kolkata, and Pune -- which are among the fastest growing locations for distribution operations in India.

The JV already has acquired 27 acres of land in Loni near Pune and is in advanced stages of land acquisition in other key markets, including 140 acres in Bengaluru; 120 acres in Chennai; 99 acres in Kolkata; 70 acres in Mumbai; and an additional 33 acres in Pune. Overall, the JV expects to develop approximately 7.5 million square feet over the next three years and about 25 million square feet over the next five years. The JV plans to invest approximately $575 million (2,300 crores rupees) over the next three years.

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