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Ascendas Firstspace has acquired 9 lakh sq ft of warehousing and industrial space at Bavla, Ahmedabad, from Crystal Group for approximately INR 275 crore, marking its entry into the Gujarat market. The transaction was facilitated by AARE Consulting and structured as a forward purchase, with development and asset transfer to take place in phases over the next 18 months in line with construction milestones. The acquisition strengthens Ascendas Firstspace's western India portfolio and aligns with its strategy of expanding across infrastructure-backed industrial corridors witnessing rising demand from manufacturing, e-commerce and third-party logistics occupiers. The asset is expected to add institutional-grade supply to a market that has seen growing occupier interest amid Gujarat's expanding industrial and logistics ecosystem.
Ascendas Firstspace has acquired 9 lakh sq ft of warehousing and industrial space at Bavla, Ahmedabad, from Crystal Group for around INR 275 crore, in a transaction that marks the platform's first entry into Gujarat's industrial real estate market. Advertisement
The deal, facilitated by AARE Consulting, has been structured as a forward purchase, under which the project will be developed and transferred in phases over the next 18 months. Capital deployment will be aligned with construction milestones, allowing the investor to stagger investments as the asset progresses toward completion.
According to AARE Consulting, the transaction represents its first major mandate since being founded by industry professionals Pratyush Pandey and Pankaj Galav. The advisory firm said the phased structure reflects increasing preference among institutional investors for risk-mitigated acquisition models in large-format industrial developments.
Commenting on the acquisition, Aloke Bhuniya, chief executive officer of Ascendas Firstspace, said the investment marked the company's foray into Gujarat and aligned with its strategy of expanding across high-growth industrial corridors supported by strong infrastructure and sustained occupier demand. He noted that the asset would add quality stock to a market that is witnessing rising interest from manufacturing companies, e-commerce players and third-party logistics operators.
Bhuniya further said the acquisition strengthens Ascendas Firstspace's presence in western India and underscores its focus on developing and owning high-quality industrial assets with strong environmental, social and governance standards.
Bavla, located along the Ahmedabad-Sanand industrial belt, has emerged as a key warehousing and industrial destination, benefiting from proximity to manufacturing clusters, improved road connectivity and access to labour markets. The region has seen increased absorption from automotive, engineering, logistics and consumer goods occupiers over recent years, supported by Gujarat's industrial policy framework and investment-led growth.
The transaction comes at a time when institutional capital continues to flow into India's warehousing and industrial real estate segment, driven by supply chain reconfiguration, manufacturing expansion and steady growth in organised logistics. Forward purchase structures have gained traction as developers and investors seek to balance construction risk, capital efficiency and time-to-market considerations.
Ascendas Firstspace is a joint venture between Ascendas, part of the CapitaLand Group, and Firstspace Realty. The platform has been steadily expanding its portfolio across major logistics and industrial markets in India, focusing on large-format, institutional-grade developments catering to domestic and multinational occupiers.
The Bavla acquisition adds to the company's growing footprint and signals continued investor confidence in Gujarat's industrial real estate fundamentals, particularly along established and emerging manufacturing corridors.
Source - PTI
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