ProLogis enters into JV partnership with K Raheja Corp

09 Apr '08

3 min read

"We have seen demand for modern warehouse space in India rise steadily over the past several years, owing to strong growth in manufacturing, widespread infrastructure improvements and greater interest among companies to outsource logistics requirements. By partnering with K Raheja Corp, we expect to build our business more quickly, benefiting from enhanced access to developable land as well as an expanded customer base. We look forward to working with K Raheja Corp, and to establishing this new venture as the leading provider of high-quality distribution facilities in India," said Schwartz.

K Raheja Corp is a private, family-owned company founded in 1956, has over 6000 employees and develops a variety of real estate products, including office, retail, hotel and residential. It is one of the largest real estate developers in India, building more than six million square feet annually, with a total of over 2,200 projects developed and completed. Clients include multi-national corporations such as IBM, Morgan Stanley, HSBC, Nokia, Accenture, Oracle, and Citigroup.

"The majority of the existing distribution space in India is functionally obsolete, and we believe this new partnership will be successful in meeting the growing demand for high quality logistics facilities here," said Chairman of the K Raheja Corp Group, Mr. C.L. Raheja.

"We're extremely pleased to be working closely with ProLogis, whose financial strength and industry-leading development expertise will be enormously beneficial as we move forward."

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