Logicap buys 2.6M sq. ft. of warehousing space in Chennai and Kolkata for ₹1,500 crore from Xander, with plans for a second tranche at Bhiwandi taking the total to ₹2,000 crore.
Logicap, the logistics platform of private equity firm Alta Capital, has acquired 2.6 million sq. ft. of warehousing space in Chennai and Kolkata from Singapore-based Xander Investment Management for roughly ₹1,500 crore. The deals make it India's third-largest warehousing and industrial real estate operator.
Logicap plans to add a further 1 million sq. ft. at Bhiwandi near Mumbai in a second tranche, bringing the total deal value to about ₹2,000 crore, Logicap chief investment officer Abhay Goyal said.
The Chennai portfolio, a 1.9 million sq. ft. logistics park inside a free trade zone, offers duty deferments and tax benefits. The Bagnan property near Kolkata targets eastern consumption corridors. Both sites are fully leased to tenants including DHL Supply Chain, DB Schenker, and Flipkart Internet Pvt.
"Our core strategy blends greenfield development with institutional acquisitions that lift portfolio quality and tenant reach," Goyal said. The assets benefit from long-term structural demand, he added.
Founded in 2021 by former Blackstone executive Siddhartha Gupta, Alta Capital's real asset holdings span flexible workspace provider Tablespace, student housing firm Elevate Campuses Ltd., and residential developer Isprava among others.
The sale of the Bhiwandi warehouse will mark Xander's exit from the Indian logistics sector, which it entered in 2019 with a $250 million industrial venture. A Xander representative did not respond to a request for comment.
Logicap's latest expansion follows its ₹850 crore-plus buyout of 2.5 million sq. ft. from IndoSpace in 2024. The platform also operates under Pragati Warehousing and EcoBox Industrial Parks.
Four-year-old Logicap now holds about 25 million sq. ft., trailing Blackstone Inc.-backed Horizon Industrial Parks with 60.5 million sq. ft. and IndoSpace with 58 million sq. ft.
Institutional capital continues to flow into Indian logistics, driven by growth in third-party logistics, e-commerce, and quick commerce. Modern warehousing stock topped 610 million sq. ft. in 2025, with Grade A facilities comprising 38% of the total, JLL India said in February.
The National Logistics Policy is pushing infrastructure improvements, drawing multinational tenants toward institutional-grade space, according to JLL. The broader sector is projected to reach $540 billion by 2030.
Alta Capital's platform holds a Alpha Score 57/100 for JLL and 43/100 for Blackstone, reflecting a mixed sector read-through.
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