Ascendas Firstspace's Key Acquisition in Gujarat: A Step into High-Growth Industrial Corridors

Ascendas Firstspace has made a significant acquisition, purchasing 9 lakh square feet of warehousing and industrial space in Bawla, Ahmedabad, from Crystal Group for approximately Rs 275 crore.

According to a statement from AARE Consulting, which brokered the deal, this project will be developed in phases under a forward purchase structure over the next 18 months, coordinating capital spending with construction milestones.

The initiative represents Ascendas Firstspace's debut in Gujarat, described by CEO Aloke Bhuniya as a strategic expansion into high-growth industrial areas. This acquisition is anticipated to meet the escalating demand from sectors like manufacturing, e-commerce, and logistics, thereby enhancing their portfolio in western India.