Mapletree Logistics Trust (MLT) is proposing to acquire a freehold, newly-built Grade A warehouse in Bhiwandi, Mumbai, Maharashtra, India at a property purchase price of INR3.89 billion ($53.6 million). The warehouse is purchased through the acquisitions of an investment holding company and a property holding company from unrelated third parties, says the REIT manager in a March 21 release.
“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 network,” says Jean Kam, CEO of the manager.
“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. This positions us well to support our customers’ growing logistics space requirements as they expand regionally,” she adds.
According to MLT, India is a key beneficiary of the ongoing global trade uncertainty and supply chain reconfiguration. The country’s GDP is projected to expand by 6.6% in 2025 and 6.2% in 2026.
The country’s relatively low GDP per capita compared to other developing countries such as China and Vietnam means there is “significant room for future growth”, says MLT. The REIT manager also expects India’s logistics infrastructure demand to scale in line with expanding supply chains to support the country’s industrial and consumption growth.
Newly completed in August 2025, the property is made up of two blocks of single storey logistics facilities. It has a net lettable area (NLA) of 79,378 sq m. It is located in the toll-free zone Bhiwandi, which is the most established warehousing sub-market in Mumbai. Situated 70km from Mumbai’s city centre, it is within proximity to key transport corridors including the Mumbai-Pune highway, the Mumbai-Nashik highway and the Samruddhi Mahmarg; as well as the Jawaharlal Nehru Port, Chatrapati Shivaji International Airport and the new Navi Mumbai International Airport.
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MLT notes that connectivity is set to strengthen with the upcoming Virar-JNPT expressway.
As at March 21, the property is fully leased to two leading listed food and grocery e-commerce companies. It has a remaining weighted average lease term of 3.9 years as at Feb 28. With built-in rental escalations, the proposed acquisition will provide the REIT with a stable and growing income stream. On a pro forma basis, the proposed acquisition is expected to be accretive to the REIT’s distribution per unit (DPU).
The property was independently valued by Savills at INR3.95 billion as at Feb 28. The amount was derived based on the discounted cash flow and income capitalisation methods.
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The proposed acquisition will be fully funded by debt and is expected to be completed by 4QFY2026. Upon completion, MLT’s aggregate leverage ratio will increase to 40.9% from 40.7% as at Dec 31, 2025, on a pro forma basis.
Units in MLT closed 1 cent higher or 0.83% up at $1.21 on March 20.
