Builds and leases large warehouses and industrial sheds to 3PL, e-commerce and manufacturing tenants, and develops industrial clusters and data-centre campuses on serviced land.
Why it matters
Warehousing is the fastest-growing rent-yielding asset class after offices, driven by GST-era logistics consolidation, e-commerce and manufacturing (PLI). Most of the scale is in private-equity-backed platforms, so listed exposure is indirect.
Where the value pool sits
Yields are higher than offices (roughly 8-9% development yields) but rents are lower and leases shorter; value is built by developing parks on cheap land near highways and selling stabilised assets to global funds.
Key drivers
3PL and e-commerce leasing
Manufacturing PLI and China+1 relocation
Data-centre demand on industrial land
Potential bottlenecks
Large land parcels with clear titles near highways and ports
Power and water connections for manufacturing and data-centre tenants
Most Grade A stock is held privately, limiting listed options