Realterm bags DHL as 1st tenant for its logistics park

DHL, a global logistics and express shipper, will be the first tenant in IndoSpace Chakan, 100-acre industrial and logistics park in Pune that was developed at a cost of Rs 400 crore by Realterm Everstone Development Management, according to a top company executive.

Realterm Everstone Development Management is a joint venture between North America-based industrial real estate developer Realterm Global and private equity firm Everstone Capital, and the company plans to have the Pune-based Park entirely operational by end-2013.

The project will develop about 1.7 million square feet, Brian Oravec, Managing Partner at Realterm Everstone said. Realterm Everstone projects are typically spread across 100 and 150 acres of land, encompassing between 1.5 and 2.5 million square feet, and with an average development cost of about Rs 400 crore, according to Oravec.

The company expects to have an additional eight or nine industrial and logistics parks operational in a phased manner by the end of the next calendar year. It is currently developing 11 projects spread across Chennai, Pune and Delhi, among others. ""Our view is that there is a significant demand for modern, organised real estate space, and there is much more demand than supply, which we expect to continue in the foreseeable future," Oravec said.

Everstone Capital, which manages assets of about $1 billion in India, is a prominent participant in the Indian realty market, having invested in residential, retail and commercial real estate.