Welspun One Logistics Parks, backed by the USD 2.7 billion Welspun Group, has raised upwards of USD 42 mn from a set of investors comprising domestic high-net-worth investors and family offices towards the first close of its Alternative Investment Fund (AIF) "Welspun One Logistics Parks Fund I".

Launched early this year, this is India's first warehousing AIF for domestic investors; key distributors of which are Sanctum Wealth Management, Edelweiss and InCred Wealth.

The amount raised is a part of its USD 70 mn maiden fund which, when fully raised along with associated bank financing, will enable Welspun One to develop Grade-A warehousing assets worth USD 265 mn; including its flagship 2.7 million square feet project in Bhiwandi which is currently underway.

In total, the company expects to deliver a portfolio with an estimated leasable area of 7 to 8 million square feet over the next 3 to 4 years in pre-identified high growth markets such as Mumbai, Pune, Bangalore, NCR, Chennai, Kolkata and Lucknow.

Welspun One's investment strategy is focused on sourcing and developing feasible land parcels which suit institutional investors and get leased by valued occupiers, whilst maintaining high levels of compliance, safety and zero tolerance to regulatory lapses across the project lifecycle.

 BK Goenka, Chairman, Welspun Group, said, "Led by an experienced team, Welspun One's unique proposition of being an integrated platform which is able to execute deals from acquisition to development, leasing and divestment has resonated well with investors; as it mitigates some of the key concerns associated with similar products in the past." He added, "We continue to be very bullish about this sector and are keen to meaningfully increase our allocation of capital through the Welspun One platform."