Embassy Industrial Parks has leased 3.5 lakh sq ft of warehousing space to Rhenus Logistics, a global integrated logistics solutions provider, in its Farukkhnagar facility in Haryana being developed at a cost of Rs 500 crore, the company said in a statement on
The company declined to share the rental at which the space has been leased to Rhenus.
Embassy Industrial Parks are present in all key locations of India - Chakan - Pune, Sriperumbudur - Chennai, Farrukhnagar and Bilaspur - Delhi NCR and Hosur and Kothur – Hyderabad. They service clients from 3PL, manufacturing, engineering, auto and ancillary, e-commerce, FMCG, retail and telecom.
German-owned Rhenus Logistics has a 108 years old heritage with a 5.1 billion euros global turnover. The company has 31,000 employees across 660 sites.
"We are ecstatic to announce that Rhenus Logistics is an esteemed addition to our third party logistics clients list associated with us in our Farrukhnagar facility. Companies like Rhenus are largely responsible for the expansion of the warehousing sector in our country. They are also giving Grade A developers like us, the required opportunity to bridge the gap and offer top notch global services that their business model requires," said Aditya Virwani, spokesperson Embassy Industrial Parks and COO, Embassy Group.
"This is a flagship facility of Rhenus India with state-of-the-art infrastructure, equipped with modern technology. This facility complies with all HSSEQ requirements including a fire corridor, which is a unique feature. With this addition, Rhenus India has 20 lakhs sq. ft. of warehousing space across all key locations in India," said Marcus Fornell, director – Contract Logistics, Rhenus Logistics.
The Farukkhnagar facility is located in the Manesar Industrial area. It is spread across an area of 108 acres.
In 2015, Bengaluru-based Embassy Group and Warburg Pincus entered into a joint venture to form Embassy Industrial Parks.
Embassy and Blackstone launched India's first real estate investment trust in 2019.
In a recent report, JLL India Industrial Services has said that the Indian warehousing sector has shown a robust growth at 25 percent YoY with the total warehousing space at 211 million sq ft at the end-2019 compared to 169 million sq ft a year ago.
The total warehousing stock of India is expected to cross 375 mn sq ft by 2023 with an increased share of Grade A stocks. Strong demand is expected to drive the market absorption and keep the vacancy below 10 percent, a report by JLL said.
The Delhi-NCR region topped the list in terms of warehouse space absorption, followed by Mumbai and Bengaluru.