Amazon picks up 6.06 lakh sq ft warehouse space

An affiliate of ecommerce major Amazon has entered into an agreement with logistics development platform ESR to lease 606,000 sq ft warehousing space at India’s biggest logistics cluster Bhiwandi in Mumbai Metropolitan Region (MMR).

The deal for the space at Warburg Pincus-backed ESR’s upcoming logistics park is for a long-term tenure of 20 years, indicating the ecommerce player’s commitment to grow the business further. The lease is expected to start in early 2022 with the agreement providing a clause for rental escalation of 15% every three years.

To begin with, the monthly lease rental is set at Rs 29.2 per sq ft for box-closed spaces, taking the total annual rental to over Rs 21.23 crore.