South-focused realty developer Casagrand on Thursday said global private equity major Blackstone has agreed to invest Rs 700 crore in its industrial and warehousing infrastructure project near Chennai.
Casagrand has entered into a strategic investment deal with Blackstone under which the US-headquartered alternative investment firm will invest around Rs 700 crore to develop 4.2 million sq ft of space, according to the company statement.
The company aims to develop two large-scale industrial and logistics parks spanning 154 acres in Sriperumbudur, Chennai, as per the statement.
The projects aimed at e-commerce, 3PL, and manufacturing companies are expected to reach a gross development value of Rs 1,500 crore on completion, it said, adding that a domestic auto company has already pre-leased a part of it.
The IPO-bound realtor said its industrial and warehousing vertical has already delivered 6 million sq ft and has a pipeline of 15 million sq ft more under execution.
"With Blackstone's global expertise and our deep regional understanding, we are confident of setting a new benchmark for industrial infrastructure in the country," Casagrand's founder, chairman and managing director, Arun Mn, said.
Construction on both parks will begin shortly, and the company is aiming to complete the entire project in up to 30 months, the statement said.
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