Mapletree Logistics Trust to acquire Mumbai warehouse for S$53.6 million
The move expands its reach in India beyond Pune and Delhi
Add BT as a preferred source
[SINGAPORE] Mapletree Logistics Trust (MLT) has entered into an agreement to acquire a Grade A warehouse in Bhiwandi, Mumbai, for about 3.89 billion rupees (S$53.6 million), the manager announced on Saturday (Mar 21).
The transaction marks the trust’s first expansion into the Mumbai logistics market.
The acquisition involves the purchase of an investment holding company and a property holding company from unrelated third parties.
The property was independently valued at 3.95 billion rupees as at Feb 28, representing a slight premium over the purchase price.
The acquisition adds Mumbai to MLT’s existing India portfolio in Pune and Delhi.
Jean Kam, chief executive officer of the manager, said, “India is fast becoming a preferred warehousing destination in Asia, fuelled by its rising middle class, growing domestic consumption and key role in the realignment of global supply networks.”
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
“The accretive acquisition will not only add a modern, high specs and green property to our portfolio, but also expand our network presence in India from Pune and Delhi to a new market in Mumbai,” she added.
The freehold facility was completed in August 2025 and consists of two single-storey blocks with a net lettable area of 79,378 square metres.
Technical specifications include a floor-to-ceiling height of 12.5 m, a floor loading capacity of 70 kilonewtons per sq m, and environmental features such as LED lighting and roof insulation.
The warehouse is fully leased to two listed food and grocery e-commerce companies. The leases have a remaining weighted average term of 3.9 years as at Feb 28 and include annual rent escalations. Both tenants have installed cold storage fit-outs at the site.
The Bhiwandi sub-market is located 70 km from Mumbai’s city centre and provides access to major transport routes, including the Mumbai-Pune and Mumbai-Nashik highways.
The site is expected to benefit from several infrastructure projects, such as the Western Dedicated Freight Corridor, a cargo rail line scheduled for completion in March 2026 intended to reduce transit time between Delhi and Mumbai to 18 to 24 hours.
It will also benefit from Virar-JNPT Expressway, a project designed to reduce travel time to the Jawaharlal Nehru Port.
MLT intends to fund the acquisition entirely through debt, the manager announced. The acquisition is also expected to be accretive to MLT’s distribution per unit on a historical pro forma basis.
On a pro forma basis, the trust’s aggregate leverage ratio is expected to increase to 40.9 per cent, up from 40.7 per cent as at Dec 31, 2025. The deal is expected to be completed by the fourth quarter of FY26.
Shares of MLT ended at S$1.21, S$0.01 or 0.8 per cent higher on Friday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
