New Delhi, Oct. 14 -- NDR InvIT Trust, a warehousing and industrial park infrastructure investment trust backed by Bahrain-based alternative investment firm Investcorp, has acquired MLG Warehousing & Industrial Park Pvt Ltd in Lucknow.
The InvIT bought the asset from its sponsor NDR Warehousing Pvt Ltd at a valuation of Rs 143.9 crore ($16.2 million), it said in a statement.
The deal marks NDR InvIT's entry into Lucknow. MLG is spread across 21 acres of land and has a leasable area of 4.63 lakh sq. ft. The warehouse is 98% occupied and leased to clients across FMCG, third-party logistics, retail, and paint sectors, the statement said.
"Lucknow serves as a key consumption and distribution hub for North India, and this investment reinforces our commitment to expanding into high-growth markets," said N Amrutesh Reddy, director, NDR InvIT.
NDR InvIT has assets under management of 19.22 million sq ft. It manages 67 warehouses and 37 industrial parks in 15 cities across India. At the end of June 2025, the warehouses were leased to over 100 tenants from sectors such as third-party logistics service providers, e-commerce, information technology and technology, engineering, automobiles and auto ancillaries, white goods manufacturers, retail and fast-moving consumer goods.
The InvIT is sponsored by NDR Warehousing, which is backed by Investcorp. It listed on the National Stock Exchange last year through a private placement of units worth Rs 880 crore.
Investcorp led a $55 million investment round in NDR Warehousing in February 2022. In July 2024, it invested Rs 500 crore ($60.8 million) more in a follow-on round.
Published by HT Digital Content Services with permission from VC Circle.