The firm has also acquired 18 acres of land for its maiden project in India. Phase 1 of the project covers an expansive 717,000 square feet, with a potential built-up area of 360,000 square feet, expected to be completed by January 2025.
This investment emphasises Panattoni’s commitment to contributing significantly to the country’s industrial growth.
“We intend to expand the land holdings in the same vicinity.”
Situated along National Highway 352 (formerly known as National Highway 71) in the bust Delhi-NCR region, surrounded by a robust warehousing cluster encompassing Luhari on one side and Farrukhnagar, the park benefits from its proximity to a large congregation of significant retailers, 3PL, e-commerce, and industrial occupiers.
Panattoni’s initial focus will be on the top four Indian cities: Bangalore, Pune, Chennai and Delhi-NCR. The company plans to tap into e-commerce clients, followed by light industrial manufacturing companies, to grow its network in the country. It will develop warehousing and industrial facilities ranging between 30 and 200 acres across major cities.Panattoni India Development is a part of the Global Panattoni Group – one of the largest industrial real estate developers in the world—the commencement of the Indian operations in 2022 marks Panattoni’s entry into Asia. Headquartered in Bengaluru, Panattoni India has an office in Mumbai and will also have a presence in Delhi.
India’s pursuit of becoming a global manufacturing hub, bolstered by international corporations adopting ‘Plus-One’ strategies to reduce reliance on China, is poised to significantly boost the domestic logistics sector.
Factors such as e-commerce growth, infrastructure development, and regulatory reforms further contribute to this acceleration. In 2021, industrial and logistics leasing in India surged by 39% YoY, reaching over 28 million square feet, and is projected to reach a five-year high of 36–38 million square feet in 2023 across the top eight cities, as reported by CBRE.
In the July-September quarter, Chennai led with 2.1 million square feet absorption, followed by Bangalore and Mumbai at 1.7 million and 1.3 million square feet, respectively, collectively constituting around 62% of the leasing share.
Panattoni invests around EUR 8.0 billion a year globally. It has delivered 21.2 million square meters in Europe and 56.3 million square meters globally, with an additional 3.1 million square meters under construction in Europe.
Panattoni’s expertise extends to asset/property management and sustainability certifications. Operating from 36 offices in Europe, India, and globally (53 offices).