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Transindia Real Estate signs deal to sell logistics park in Gurgaon for Rs 636.71 cr

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MUMBAI : Transindia Real Estate Limited, an Allcargo Group company has signed a definitive agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately Rs 636.71 crore.

The deal consummation will help Transindia Real Estate Limited (TREL) realize substantial value from this divestment and continue to have zero debt, the company said in a statement.

The logistic industry is on the cusp of transformational growth due to the government’s continued focus on logistics infrastructure development for creating an effective infrastructure connectivity. TREL will continue to drive logistics infrastructure development to leverage the emerging opportunities with the construction of world class industrial and logistics parks,” said Shashi Kiran Shetty, Founder and Chairman of Allcargo Group.

Additionally, the company has also divested its 10% stake held in Malur Logistics & Industrial Parks Private Limited, Venkatapura Logistics & Industrial Parks Private Limited, Kalina Warehousing Private Limited, Panvel Warehousing Private Limited, and Allcargo Logistics & Industrial Park Private Limited, for an equity consideration of near Rs 4.55 crore.

It has sold the stake to funds managed by global investment firm Blackstone. As a result of this divestment, Transindia Real Estate Limited, will receive over Rs 433.37 crore as cash proceeds. The company will deploy the capital to fuel its growth plans and expand its operations in various locations. The deal will also boost the company’s financial capabilities, paving the way for fresh investments in emerging business growth opportunities.

Our infrastructure development initiatives are in line with our vision to develop assets that create value and are customised to meet international standards and specific business requirements. As India is making steady progress in becoming a key global manufacturing hub and third largest economy, we are working towards playing our role to facilitate the journey by developing world-class logistics projects,” said Jatin Chokshi, Managing Director of Transindia Real Estate Limited.

TREL has developed 5.05 million sq ft of industrial and logistics parks at JNPT in Maharashtra, Farukh Nagar in Haryana, Malur in Karnataka, Patancheru in Telangana, Hosur in Tamil Nadu and Verna in Goa to cater to the major micro-markets in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai and Goa.

TREL is currently working on to build Grade A warehousing space in Malur, Karnataka and exploring potential space in Tamil Nadu and Uttar Pradesh. The company is expanding its presence across key locations by setting up a state-of-the-art Grade A warehouse with built to global infrastructure, highest level of safety and security.

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