 "Sumadhura Group leases warehousing space to Nippon Express in Bengaluru")
Hyderabad-based Sumadhura Group has leased 1.8 lakh square feet of warehousing space to global logistics leader NX Logistics India (Nippon Express) at its Grade-A facility, Sumadhura Logistics Park. The first phase of the park's development covers 2.5 million square feet, marking a significant milestone in Sumadhura's expansion within the logistics sector.
Sumadhura has signed a 9-year lease agreement to provide ready-to-move-in warehouse space at its logistics park to global logistics player NX Logistics India. The Grade-A facility boasts advanced infrastructure and amenities, ensuring convenience, accessibility, and optimised storage solutions for NX Logistics’ fast-moving consumer goods (FMCG) clients.
Sumadhura Group is investing about Rs 600 crore in the first phase of Sumadhura Logistics Park, covering around 100 acres of land and offering 2.5 million square feet of commercial warehousing space. In the next phase, the company plans to expand the warehousing space to 6 million square feet.
Madhusudhan G, chairman and managing director, Sumadhura Group, said, “Our collaboration reflects Sumadhura’s commitment to providing state-of-the-art warehousing solutions to businesses and transforming the logistics industry in India. The increasing demand for Grade-A warehouses across various sectors indicates the growing market need for top-quality warehousing solutions, particularly from large-scale industries like FMCG, which is expected to become a $10 billion industry by 2030.”
According to Colliers, industrial and warehousing demand across the top five cities remained healthy, with about 13 million square feet of leasing activity in the first half (H1) of 2024 and 17 per cent year-on-year (Y-o-Y) growth.
Third-party logistics (3PL) players dominated demand with a 36 per cent share, while the engineering, FMCG, and electronics sectors each accounted for 12-16 per cent. Notably, the engineering and electronics sectors saw a 1.7 times increase in leasing activity in H1 2024 compared to H1 2023.