Ample Parks, a joint venture between global infrastructure and energy investor Actis and real estate firm Mahindra Lifespace Developers Ltd, has secured a prime 70-acre industrial land parcel at Mahindra World City, Chennai. This is to develop an integrated industrial and logistics park with institutional-grade buildings, for which it is planning to invest around Rs 800 crore, of which 30 per cent was for land acquisition.
Ample Parks will develop 15-17 projects across Tier-I and Tier-II cities such as Mumbai, Pune, Bengaluru, NCR, Lucknow, Guwahati, Nagpur, and Ahmedabad over the next five to seven years. Actis will own 67 per cent in the Chennai project and the remaining will be held by Mahindra Lifespaces. The ownership will vary from project to project; however, Actis will continue to own a majority stake in all the projects.
The platform has been set up with a highly experienced management team, with chief executive officer Akash Rastogi appointed to lead the company. Ample Parks aims to acquire and develop approximately 1.5 million square metres of greenfield and brownfield sites in key markets across India over the next few years, with the aim of establishing itself as a leading industrial and logistics real estate solutions provider to global and local corporations.
The Chennai project will seek to attract top-tier industrial occupiers, allowing them to benefit from Mahindra World City’s infrastructure, accessibility, and skilled manpower availability. It will be strategically located in India’s first integrated business city, with excellent road, rail, and port connectivity as well as support and social infrastructure.
Brian Chinappi, partner and head of real estate at Actis, commented: “I’m delighted to see Ample Parks get off the ground with this first acquisition. India’s industrial and logistics sector represents a tremendous investment opportunity, with the country’s market strongly benefiting from a boom in consumer demand domestically and a realignment of supply chains globally in favour of India, with many corporations implementing a China Plus One strategy. By bringing to bear Actis’ track record in sustainable real estate and Mahindra Lifespaces’ broader market expertise, Ample Parks is set to become a key player in this space, capitalising on the growth of this new economy real estate for our investors.”
Amit Sinha, managing director and chief executive officer at Mahindra Lifespaces, said: “The launch of Ample Parks marks a significant milestone in our commitment to developing sustainable and world-class industrial infrastructure in India. By combining Actis’s global expertise with our deep understanding of the Indian market, we are poised to create a transformative platform to meet the evolving needs of businesses. This initiative fits well into the state-of-the-art facilities within an already established, self-contained ecosystem. We are excited about the potential of Ample Parks for not only building on the success of Mahindra World City, but also contributing significantly to India’s broader industrial and logistics landscape.”
Akash Rastogi, chief executive officer and director at Ample Parks, said: “We are thrilled to launch our presence in Chennai at one of the most preferred industrial locations. We believe that the ongoing decentralisation of manufacturing capacity from China, coupled with government initiatives such as “Make In India” and the “Production Linked Incentive (PLI) scheme” will immensely enhance manufacturing and logistics prospects in India. Our first project will comprise approximately 2 million square feet of Grade-A industrial development that can offer plug-and-play facilities as well as bespoke built-to-suit solutions to a diverse set of customers and allow for scalability. Sustainability will be integral to this development and will enable businesses to operate efficiently while minimising their environmental impact. We are excited to embark on this journey and are committed to delivering excellence at every turn.”
Raghvendra Chandak, director of real estate at Actis, added: “This is a great first step for Ample Parks to develop this project at a strategic location in the thriving industrial ecosystem in Chennai. Our aspiration is for the platform to become one of the industrial and warehousing space providers of choice in India, with solutions tailored to meet the needs of industrial customers and supply chain operators. We’re putting everything in place to achieve this, starting with a top-tier management team, so Ample Parks grows to become a shining light in India’s industrial and logistics real estate sector and plays a pivotal role in bolstering India’s industrial infrastructure.”
Actis holds a majority stake in the joint venture, with Mahindra Lifespaces owning a significant minority stake. Ample Parks will benefit from Actis’ extensive global network and real estate expertise and from Mahindra Lifespaces’ access to prime land parcels and relationships with key stakeholders in the Indian market.
Since inception, Actis has invested and committed circa $1.7 billion to Asia real estate.
First Published: Aug 05 2024 | 4:08 PM IST