In a First For a Mutual Fund Company, Mirae Asset Purchases Preleased Warehouse in Bhiwandi, Thane Near Mumbai

Venture Capital Arm of Mirae Asset Global Investments, Mirae Asset Enters Commercial Real Estate in India

Mirae Asset, an asset management company (AMC), has entered the logistics and industrial real estate markets in India by purchasing a 10-acre income-producing warehouse facility in Bhiwandi, close to Mumbai. This is one of the first investments of this kind made by a mutual fund firm.

Through a category-II alternative investment fund (AIF), Mirae Aset Credit Opportunities Fund, the company has completed its first purchase of a logistics facility with more than 300,000 square feet of leasable space. 

Hakim Ronak from Mirae Asset Investment Managers, mentioned that they had had been scouting for possibilities in big Indian cities and were aiming to purchase institutional-grade properties. The warehouse in news now, is leased to global logistics giant Rhenus Group, which signed a five-year contract for the property. The German corporation has a presence in 31 sites throughout India, with 2.5 million square feet of multi-user and specialised warehouse space.

The fund is also involved in the purchase of an approximately 400,000 sq ft ready building in the same area, which is leased to a large ecommerce operator, and anticipates closing the deal in the first quarter of 2023.

The business is also evaluating office purchase prospects, including as IT parks, corporate offices, and logistics and industrial space, and remains optimistic about the Indian economy and real estate market. According to Jun Young Hong, director of Mirae Asset Investment Managers, the demand for warehouse and office space in the nation has remained healthy (India).