The logist­ics plat­form of private equity firm Alta Cap­ital is acquir­ing ware­houses in three met­ros from Singa­pore’s Xan­der Invest­ment Man­age­ment for roughly ₹2,000 crore in two sep­ar­ate deals, mak­ing it India’s third-largest ware­hous­ing and indus­trial real estate oper­ator.

The Alta Cap­ital unit Logi­cap has already acquired 2.6 mil­lion square feet (sq. ft) in Chen­nai and Kolk­ata for about ₹1,500 crore, and plans to add 1 mil­lion sq. ft more at Bhi­wandi near Mum­bai in a second tranche, Logi­cap chief invest­ment officer Abhay Goyal said.

“This trans­ac­tion fits our core strategy of blend­ing green­field devel­op­ment with insti­tu­tional acquis­i­tions that elev­ate port­fo­lio qual­ity and ten­ant reach,” said Abhay Goyal, chief invest­ment officer at Logi­cap, adding the assets bene­fit from long-term struc­tural demand.

Four-year-old Logi­cap has scaled rap­idly through ground-up devel­op­ments and tar­geted buy­outs in retail and man­u­fac­tur­ing hubs. The latest pur­chases swell its port­fo­lio to roughly 25 mil­lion sq. ft, behind Black­stone Inc.-backed Hori­zon Indus­trial Parks with 60.5 mil­lion sq. ft and IndoSpace with 58 mil­lion sq.ft.

The ini­tial port­fo­lio has a 1.9 mil­lion sq. ft logist­ics park within a Chen­nai free trade zone with duty defer­ments and tax bene­fits for ten­ants. A second prop­erty in Bag­nan, near Kolk­ata, tar­gets east­ern con­sump­tion cor­ridors. Both sites are oper­a­tional and fully let to blue­chip ten­ants, includ­ing DHL Sup­ply Chain, DB Schen­ker, and Flip­kart Inter­net Pvt.

The sale of the Bhi­wandi ware­house will mark Xan­der’s exit from India’s ware­house space, which it entered in 2019 with a $250 mil­lion indus­trial ven­ture. The Singa­pore firm also has office and retail hold­ings in India.