Mirae Asset buys logistics center in India for $17 mn

Mirae Asset Global Managements Co. said on Friday that it has invested 21 billion won ($17 million) in a large logistics center in Mumbai to become the first foreign asset manager to make a direct investment in India.

The logistics center, completed last year, measures 28,000 square meters. It is located in India’s logistics hub Bhiwandi, home to distribution centers of global companies such as Samsung, Amazon, BMW and Maersk.

Bhiwandi is a major trade center that connects Mumbai and other parts of India.

Mirae will lease the property to Rhenus, a German logistics company, which operates more than 30 distribution centers across India.

According to Invest India, an investment promotion government agency, the largest South Asian country lacks logistics facilities despite a surge in the e-commerce market. Small companies account for 90% of India’s logistics sector.

Mirae will ramp up real estate investment in India with a focus on logistics and data centers, in line with India’s rapid economic growth and aggressive infrastructure investments.

It is now reviewing other property assets in India put on its list of possible investments, said an official of Mirae Asset’s unit in India.

Write to Tae-Hoon Lee at beje@hankyung.com
Yeonhee Kim edited this article