Mapletree Logistics Trust (MLT) has made its first foray into India with the acquisitions of two logistics properties for INR4.55bn (€51.3m).

The assets are being acquired from a subsidiary of an affiliate of Morgan Stanley Real Estate Investing and Waterloo Motors. The facilities are located in key logistics hubs in Pune in Maharashtra state.

Ng Kiat, chief executive officer of the manager, said India was a fast-growing logistics market that offered attractive long-term prospects.

“Strong demand for logistics space is underpinned by a large growing consumer market, rapidly developing e-commerce, India’s increasing importance as a major manufacturing hub in the Asia Pacific as well as a severe lack of supply of Grade A warehouses,” she said.

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