Blackstone to invest Rs 700 crore in Casagrand’s industrial and warehousing project in Chennai

South-focused real estate 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, as per a report by PTI. The company stated that it has entered into a strategic investment agreement with Blackstone, under which the US-headquartered investment firm will fund the development of 4.2 million sq ft of space.

According to the statement, Casagrand plans to develop two large-scale industrial and logistics parks across 154 acres in Sriperumbudur, Chennai. The projects, designed for e-commerce, 3PL and manufacturing sectors, are expected to achieve a gross development value of Rs 1,500 crore upon completion. A domestic auto company has already pre-leased part of the upcoming space.

Casagrand, which is preparing for an IPO, said its industrial and warehousing division has delivered 6 million sq ft so far, with another 15 million sq ft under execution.


Casagrand founder, chairman and managing director Arun Mn said, “With Blackstone's global expertise and our deep regional understanding, we are confident of setting a new benchmark for industrial infrastructure in the country.”

Construction on both parks will begin soon, and the company expects the project to be completed within 30 months, the statement added.