Technology

Amazon picks up 6.06 lakh sq ft warehouse house – NewsEverything Know-how

An affiliate of ecommerce main Amazon has entered into an settlement with logistics improvement platform ESR to lease 606,000 sq ft warehousing house at India’s largest logistics cluster Bhiwandi in Mumbai Metropolitan Area (MMR).
The deal for the house at Warburg Pincus-backed ESR’s upcoming logistics park is for a long-term tenure of 20 years, indicating the ecommerce participant’s dedication to develop the enterprise additional. The lease is predicted to begin in early 2022 with the settlement offering a clause for rental escalation of 15% each three years.

To start with, the month-to-month lease rental is ready at Rs 29.2 per sq ft for box-closed areas, taking the overall annual rental to over Rs 21.23 crore.

Previous to this, Amazon India had additionally entered into an settlement to lease over half one million sq ft warehousing house from the Xander Group’s industrial actual property platform for the same long-term tenure. The lease registered final month has been inked by Amazon’s affiliate, Amazon Vendor Providers.
Amazon has paid round Rs 8.55 crore as safety deposit for the lease that has a five-year lock-in interval. Amazon is prone to arrange a fulfilment centre on this leased warehouse house.

ET’s e mail queries to Amazon India and ESR remained unanswered till the time of going to press.

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The demand for warehousing house has stood out in the previous few quarters.

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