Damco India, a subsidiary of international container shipping and logistics giant AP Moller-Maersk, has taken a warehousing facility spread across 243,000 sq. ft. on lease for five years. The facility is in Bhiwandi on the outskirts of Mumbai, documents accessed by CRE Matrix showed.
The starting monthly rent is Rs 47.62 lakh. The company has paid a security deposit of Rs 1.90 crore for the property, the documents showed. The leave and licence agreement was registered on October 21, 2022.
The lock-in period is for three years and the rent escalation provision states that there would be a 4 percent increase in rent at the end of every 12 months, the documents showed.
Damco, a separate brand earlier, has now been integrated with the Maersk brand.