Medilytix Bureau : Realty firm Mahindra Lifespace Developers Ltd on Thursday announced a joint venture with Actis to develop industrial and logistics facilities with an initial investment of Rs 2,200 crore.
In a regulatory filing, Mahindra Lifespace said that the company has executed definitive documents to establish joint ventures with Actis for developing industrial and logistics real estate facilities across India.
Mahindra Lifespace or its affiliates and Actis or its affiliates will jointly invest in asset-owning SPVs (special purpose vehicles) and in an entity that will provide business services to the asset-owning SPVs.
The company may own stakes in the range of 26 per cent to 40 per cent in these entities, and the balance will be owned by Actis or its affiliates.
Both partners have earmarked up to 100 acres of land across Mahindra World Cities as seed assets to be acquired by the asset-owning SPVs during the course of the arrangement.
In addition, the two JV partners plan to expand the business by acquiring and developing greenfield and brownfield projects across India.
“The total investment in the business over the initial years, including debt, is estimated to be Rs 2,200 crore,” the company said.
Mahindra Lifespace noted that industrial and warehousing have emerged as a high-growth real estate asset class buoyed by rising consumer demand and accelerating manufacturing investment.