Ascendas Firstspace acquires 9 lakh sq ft of warehousing space in Ahmedabad for ₹275 crore

Ahmedabad real estate: Ascendas Firstspace buys 9 lakh sq ft warehousing and industrial space in Ahmedabad's Bawla from Crystal Group for ₹275 crore

Updated on: Feb 25, 2026, 15:24:17 IST

Written by Souptik Datta

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CapitaLand-backed Ascendas Firstspace has acquired over 9 lakh sq ft of Grade-A warehousing and industrial space in Bawla, Ahmedabad, from Gujarat-based developer Crystal Group for ₹275 crore, according to a statement by AARE Consulting, which facilitated the deal.

CapitaLand-backed Ascendas Firstspace has acquired over 9 lakh sq ft of Grade-A warehousing space in Bawla, Ahmedabad, from Crystal Group for ₹275 crore. (Picture for representational purposes only) (Pexels)

The transaction provides Ascendas Firstspace early-stage control over a large, contiguous institutional-grade logistics development in one of Gujarat’s emerging warehousing corridors. The acquisition has been structured as a forward purchase and was advised and executed by advisory firm AARE Consulting, the company said.

"Under the forward purchase structure, the project will be developed and transferred in phases over the next 18 months, aligning capital deployment with construction milestones. Such structures are increasingly being used by institutional investors seeking scale, governance control and predictable yields amid sustained demand for Grade-A warehousing assets,” it said.

Also Read: Ahmedabad real estate: Godrej Properties acquires 3-acre land in Vastrapur with a revenue potential of ₹1,300 crore

Located along NH-48, Bawla has emerged as a key logistics micro-market due to its connectivity to Ahmedabad and access to industrial corridors linking Gujarat with Maharashtra and Rajasthan. The location has attracted demand from third-party logistics operators, e-commerce firms and manufacturing occupiers seeking Grade-A facilities.

Crystal Group chairman Bakir Gandhi said the transaction enabled capital recycling and balance-sheet optimisation, while supporting the expansion of its development pipeline in Gujarat’s industrial and logistics segments.

Also Read: Ahmedabad, Hyderabad lead as India’s most affordable housing markets: Colliers report

Positioned as a partner-led advisory platform, AARE Consulting will focus on structured land transactions, asset monetisation, joint ventures and complex development mandates across India, the company said.

The firm plans to initially target key urban markets, including Mumbai and other major cities, amid continued institutional interest in India’s logistics and warehousing sector.

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

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