Ascendas Firstspace's Key Acquisition in Gujarat: A Step into High-Growth Industrial Corridors

Ascendas Firstspace has acquired 9 lakh square feet of industrial space in Ahmedabad from Crystal Group for Rs 275 crore. Facilitated by AARE Consulting, the project will be developed in phases. This marks Ascendas Firstspace's entry into Gujarat's industrial corridors, enriching their portfolio with high-quality assets.

Ascendas Firstspace has made a significant acquisition, purchasing 9 lakh square feet of warehousing and industrial space in Bawla, Ahmedabad, from Crystal Group for approximately Rs 275 crore.

According to a statement from AARE Consulting, which brokered the deal, this project will be developed in phases under a forward purchase structure over the next 18 months, coordinating capital spending with construction milestones.

The initiative represents Ascendas Firstspace's debut in Gujarat, described by CEO Aloke Bhuniya as a strategic expansion into high-growth industrial areas. This acquisition is anticipated to meet the escalating demand from sectors like manufacturing, e-commerce, and logistics, thereby enhancing their portfolio in western India.

(With inputs from agencies.)