CapitaLand plans ₹450-cr warehousing space in NCR

The Singapore-based CapitaLand has initiated negotiations to develop 3 million square feet of warehousing space at Sohna near Gurgaon in the NCR region. Investors and e-commerce companies are keen to invest in a segment growing at a fast clip despite the economic slowdown. The company is in discussions with Mayar Group, which owns a 100-acre land parcel in Sohna. It is going to be a joint venture where the foreign fund will develop the project involving an investment of ₹450 crore. CapitaLand owns and manages a global portfolio of about $134.7 billion and is looking to expand its footprints in northern India. Of the 180-acre land it owned in Sohna, about 80-acre has been sold to ESR, a venture of private equity firm Warburg Pincus and some global investors. For the remaining 100 acres, the company is negotiating with investors and expects the deal to close soon. The company's realty portfolio includes commercial, retail, business parks, industrial and logistics integrated development.