Prologis, RMZ Group in JV to build warehousing park in Bengaluru
Prologis, the world's largest warehouse owner, formed a joint venture with RMZ, one of India’s top family-owned alternative asset owners, to build a warehousing and logistics park in Bengaluru.
The facility at Hoskote, a key logistics hub in Bengaluru, will span 30 acres, and it will initially deliver 500,000 sq ft, targeting third-party logistics and industrial clients.
Once completed in the next fiscal year, the facility will mark RMZ’s entry into the industrial and logistics (I&L) sector, complementing its diversified portfolio of premium office spaces under the RMZ NXT brand.
“The deal was closed earlier this year with the fund holding a substantial stake. The land is owned by both parties,” said one of the persons cited above.
The people did not disclose financial details of the venture. RMZ is looking to scaling the I&L portfolio significantly in the coming years, signalling a long-term commitment to India’s logistics sector.
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