Mapletree Logistics Trust (MLT) has agreed to acquire a Grade A warehouse in Bhiwandi, Mumbai, for Rs three point eight nine bn, its first expansion into the Mumbai logistics market. The acquisition involves purchase of the asset holding companies from unrelated third parties and the property was independently valued at Rs three point nine five bn as at Feb 28, a slight premium to the purchase price. The manager said that India is fast becoming a preferred warehousing destination fuelled by a rising middle class and growing domestic consumption. 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 metres, a floor loading capacity of 70 kilonewtons per square metre and environmental features such as LED lighting and roof insulation. The tenants have installed cold storage fit-outs, providing modern high-specification logistics space. The warehouse is fully leased to two listed food and grocery e-commerce companies and the leases have a remaining weighted average term of three point nine years as at Feb 28 with annual rent escalations. The Bhiwandi sub-market is located 70 kilometres from Mumbai's city centre and provides access to major transport routes including the Mumbai-Pune and Mumbai-Nashik highways. The site is expected to benefit from infrastructure projects such as the Western Dedicated Freight Corridor and the Virar-JNPT Expressway. The manager said the Western Dedicated Freight Corridor, a cargo rail line scheduled for completion in March 2026, should reduce transit time between Delhi and Mumbai to 18 to 24 hours and that the expressway will improve access to the Jawaharlal Nehru Port. MLT intends to fund the acquisition entirely through debt and expects the deal to be accretive to distribution per unit on a historical pro forma basis. The trust's aggregate leverage ratio is expected to increase to 40.9 per cent from 40.7 per cent as at Dec 31, 2025 and the transaction is expected to complete in the fourth quarter of FY26.