Shriram Properties said that it has entered into a memorandum of understanding (MoU) with LOGOS for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara, Kolkata.
LOGOS will develop said that land parcel into warehousing and logistics Park.
LOGOS is an Asia-Pacific logistics specialist that owns and develops warehousing and logistics parks across the region. LOGOS has a presence in 10 countries with $19.6 billion of assets under management, across 119 properties.
In India, LOGOS has developed 5 million square feet of warehousing and logistic parks in NCR, Chennai, and Bengaluru and is expanding its presence in this growing market.
M Murali, chairman and managing director of Shriram Properties, said: We are extremely delighted to be working with LOGOS, a leading warehousing, and logistics developer in Asia, on this potential transaction. LOGOS's proposed investment in Shriram Grand City will transform the micro-market and allow us to realize superior value for both companies' stakeholders.
Shriram Properties is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPL's key markets include Bangalore, Chennai, and Kolkata which together account for over 85% of its development activities.
On a consolidated basis, the company reported a net profit of Rs 13.22 crore in Q3 FY22 as against net loss of Rs 21.17 crore in Q3 FY21. Net sales declined 22.2% to Rs 109.63 crore in Q3 FY22 over Q3 FY21.
The scrip fell 1.47% to currently trade at Rs 77 on the BSE.
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