### **Overview** NDR INVIT Trust is India’s first listed perpetual warehousing and industrial parks Infrastructure Investment Trust (InvIT), publicly traded on the National Stock Exchange (NSE). Managed by **NDR InvIT Managers Private Limited** and sponsored by **NDR Warehousing Private Limited**—a part of the NDR Group backed by global investor Investcorp—the trust focuses on owning, operating, and acquiring high-quality, income-generating Grade-A logistics infrastructure assets across India. With a pan-India footprint and strong alignment with national economic corridors, NDR INVIT is strategically positioned as a leading logistics real estate platform serving top-tier domestic and multinational corporations. --- ### **Portfolio & Asset Base** As of November 2025, NDR INVIT manages a diversified portfolio comprising: - **37 industrial parks** across **15 Indian cities**, housing **over 60 warehouses**. - **Total Assets Under Management (AUM): ~19.22 million square feet**, supported by a robust expansion and acquisition strategy. - Strategic geographic distribution: - **South India** (57%): Chennai, Bengaluru, Hyderabad, Coimbatore, Hosur, Kochi - **West India** (26%): Pune, Mumbai (Bhiwandi), Goa, Surat - **North & East India** (17%): Delhi-NCR, Lucknow, Kanpur, Kolkata The portfolio includes **operational, under-construction, and future-ready facilities**, offering both **ready-to-use** and **built-to-suit (BTS)** warehousing solutions located near India’s key **manufacturing, consumption, and port-led industrial hubs**. --- ### **Operational Highlights (as of Nov 2025)** - **High Occupancy & Stable Cash Flows**: Portfolio-wide **occupancy rate at ~98%**, with less than 10% of AUM under construction, indicating a stabilized, income-generating portfolio with minimal development risk. - **Rental Performance**: - Q1 FY26 rental income: **₹1,016 million** (up from ₹752 million in Q1 FY25) - Quarterly rental income in Sep 2025: **₹1,036.05 million** - Average in-place rent: **₹18.33 per sq. ft. per month**, ~20% below prevailing market rates—indicating embedded re-leasing upside. - **Weighted Average Lease Expiry (WALE)**: Over **11.3 years**, one of the longest in the sector, ensuring long-term revenue visibility and reduced tenant churn. - **Lease Escalation**: Standard clauses include **5% annual increases** or **15% every three years**, aligned with market norms and inflation-protected. --- ### **Tenant & Sector Diversification** - **Tenant Base**: Over **100 national and international tenants**, including Fortune 500 companies, global e-commerce giants, automotive OEMs, 3PLs, and leading FMCG and retail brands. - Notable tenants: **Amazon, Flipkart, DHL, FedEx, Havells, Delhivery, Reliance, IKEA, Apollo, Volvo, Mahindra, IFB, Coca-Cola, Liebherr, and Siemens**. - **Sectoral Mix**: - **Logistics & 3PL**: 44% of space, 43% of rental income (largest segment) - **Auto & Industrial**: 14% area, 18% rent - **Home Appliances & Consumer Durables**: ~11% area, ~10% rent - **E-commerce**: 6% area, 7% rent (high-growth segment) - Other sectors: **FMCG, Electronics, Retail, Q-Commerce, Telecom** - **Tenant Concentration**: Top 10 tenants contribute **32–33%** of gross rental income, and **no single tenant exceeds 10% of revenue**, ensuring robust revenue diversification and reduced concentration risk. --- ### **Key Acquisitions & Portfolio Expansion** - **June 2025**: Acquired a **2.01 million sq. ft. Grade-A industrial portfolio** in **Surat, Hyderabad, Bengaluru, and Pune** for ₹7,061 million. The portfolio is **100% occupied** with a **WALE of 15.4 years**, significantly enhancing income stability. - **Financed** via cash and a **preferential unit issue at a 21.6% premium**, reflecting strong investor confidence. - **Surat asset** is the largest component (0.9 million sq. ft.), leased to marquee clients and contributing significantly to Gross Asset Value (GAV). - Post-acquisition, GAV increased by **15.22%**, and WALE rose to **12.1 years**. - **October 2025**: Acquired **Lucknow MLG Warehouse**, expanding into **North India’s high-growth consumption markets** and reinforcing its pan-India footprint. - **Impact of Acquisitions**: - Expanded AUM from **~17 million sq. ft. (Mar 2024)** to **19.22 million sq. ft. (Jun 2025)**. - Portfolio scaled from **13 to 15 cities**, and industrial parks from **33 to 37**. --- ### **Right of First Offer (ROFO) Pipeline** NDR INVIT holds a strong **ROFO pipeline** of over **5 million sq. ft.** across high-growth corridors, supporting future organic growth: - **West Zone**: **0.97–1.29 million sq. ft.** (incl. Pune, Hyderabad) in automotive, industrial, and agriculture sectors. - **South Zone**: Assets in **Hosur, Coimbatore, Kochi, Chennai, and Hyderabad** (~1.29 million sq. ft. ROFO). - **North Zone**: ROFO in **Ghaziabad, Lucknow, and Kanpur**—key consumption centers. - **East Zone**: **Kolkata** and **Lucknow-Kanpur corridor**, with under-construction and ready facilities in strategic industrial clusters. This pipeline ensures a **low-cost, high-certainty expansion** path, de-risking future growth. --- ### **Development Activity & Market Positioning** - **New Deliveries (Q1 FY26)**: - **1.12 lakh sq. ft.** delivered in Hyderabad - **2.2 lakh sq. ft.** completed in Goa with new Q-Commerce anchor tenant - **Key Projects Under Development/Partially Operational**: - **NDR Pagalmedu (Chennai)**: 0.862 million sq. ft. Grade-A warehousing, ~38.8 acres, in NH-16 / Periyapalayam cluster - **NDR LSA (NCR), Sohna Road**: 0.35 million sq. ft., under development in emerging Gurugram warehousing corridor - **NDR Svahgraha Sri City (AP)**: 0.53 million sq. ft. under construction near Chennai - **Strategic Clusters**: Presence in high-demand micro-markets such as: - **Chakan-Talegaon (Pune)**: Key logistics hub near JNPT, airport, and MIDC - **Sriperumbudur-Oragadam (Chennai)**: Part of CBIC corridor, hosting Xander, Pragati, Embassy - **Hoskote-Narasapura (Bengaluru)**: Favored for KIA access and government-backed industrial policy - **Panvel-JNPT (Mumbai)**: Benefiting from NMIA, port expansion, and Virar-Alibaug corridor - **Sohna, Bilaspur (NCR)**: Emerging logistics zones supported by DMIC and IMT development --- ### **Sustainability & Financial Strength** - **Sustainability Leadership**: First InvIT in India to issue **Sustainability-Linked Bonds (SLBs)** in Jun 2025, attracting anchor investors like **IFC** and **NaBFID**. - Proceeds used to refinance debt, reduce cost of capital, and fund green development. - **Credit Rating**: Rated **AAA/Stable** by both **CareEdge and India Ratings (Fitch)**, reflecting strong financial discipline. - **Debt Management**: Prudent leverage and debt reduction have improved **interest cost coverage** and **cash surplus**, enabling reinvestment in growth assets. --- ### **Sponsor Strength & Governance** - **Sponsor**: **NDR Warehousing Pvt. Ltd.** brings end-to-end expertise in: - Warehousing, cold storage, CFS, PFT, bonded units, 3PL, and logistics parks - Develops and manages **over 21 million sq. ft.** across 42+ projects in 18 cities - Strong operational backing ensures **high-quality asset delivery, tenant retention, and governance alignment** with investor interests. ---