Mapletree Logistics Trust has agreed to acquire a Grade A warehouse in Bhiwandi, Mumbai, for Rs three point eight nine billion (Rs 3.89 bn), marking the trust's first expansion into the Mumbai logistics market. The purchase involves an investment holding company and a property holding company from unrelated parties. The property was independently valued at Rs three point nine five billion as at Feb 28, representing a slight premium to the purchase price and adding Mumbai to the trust's India portfolio alongside Pune and Delhi. The chief executive officer said India was becoming a preferred warehousing destination because of a rising middle class, growing domestic consumption and its role in the realignment of global supply networks. The freehold facility was completed in August 2025 and comprises two single-storey blocks with a net lettable area of 79,378 square metres. Technical specifications include a floor-to-ceiling height of 12.5 m, a floor loading capacity of 70 kilonewtons per square metre and environmental features such as LED lighting and roof insulation. The warehouse is fully leased to two listed food and grocery e-commerce companies and the leases had a remaining weighted average term of three point nine years as at Feb 28 with annual rent escalations, while both tenants had installed cold storage fit-outs. The Bhiwandi sub-market sits 70 km from Mumbai city centre and provides access to major transport routes including the Mumbai-Pune and Mumbai-Nashik highways, and it is expected to benefit from projects such as the Western Dedicated Freight Corridor and the Virar-JNPT Expressway. MLT intends to fund the acquisition entirely through debt and the manager indicated the transaction was expected to be accretive to distribution per unit on a historical pro forma basis. The trust's aggregate leverage ratio was expected to increase to 40.9 per cent, up from 40.7 per cent as at Dec 31, 2025, with the deal expected to be completed by the fourth quarter of FY26, and shares of MLT ended at S$1.21, S$0.01 or zero point eight per cent higher on Friday.