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| ProLogis creates new JV with Indian developer ProLogis, the world's largest owner, manager and developer of distribution facilities, announced that it has entered the market in India through a 50/50 development joint venture agreement with K Raheja Corp, one of the largest real estate developers in India. The joint venture will acquire land, develop properties and manage the assets and will initially focus on securing development opportunities in the cities of Mumbai, Chennai, Delhi, Bengaluru, Kolkata, and Pune - which are among the fastest growing locations for distribution operations in India. Overall, the JV expects to develop approximately 7.5 million square feet over the next three years and about 25 million square feet over the next five years. The JV plans to invest approximately $575 million (2,300 crores rupees) over the next three years. ProLogis announced the appointment of Abhijit Malkani to head of operations for ProLogis in India. Mr. Malkani is the former regional director of Indian and Middle East operations for NAI Global, a premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. write your comments about the article :: © 2008 Construction News :: home page |