NDR InvIT Trust is India’s first perpetual warehousing and industrial parks Infrastructure Investment Trust - a landlord for the companies that move and store the things India consumes. Born from a family logistics business that started in 1954 and built the country’s first private custom-bonded warehouse in 1996, the trust listed on the National Stock Exchange in February 2024, converting decades of development into a listed vehicle that owns the sheds and then collects rent from them. Everything it does follows one recurring logic: buy or build institutional-grade warehouses and industrial parks in the places that reach the most consumers, lock in tenants on long leases with built-in rent increases, and pass nearly all the cash to unitholders.
Business segments
A single engine - owning and leasing Grade-A warehouses and industrial parks - that generates its cash from a portfolio of over 70 warehouses and 40 industrial parks spread across 17 Indian cities.
1. Warehousing and industrial parks: a landlord to India’s supply chains
The trust owns the roof over the goods - it buys land, builds or acquires warehouses and industrial parks, and leases them to companies on contracts that typically run a decade or more with automatic rent escalations.
- Long leases with built-in growth - the average lease still has 11.30 years left to run, and contracts typically include a 5% annual rent increase or a 15% jump every three years, so the cash stream grows without the trust having to find a new tenant.
- Nearly full, nearly all the time - occupancy sits at roughly 99%, described as the highest among peers, which means almost every square foot is generating rent and the trust is not carrying empty buildings.
- No single tenant calls the shots - the top 10 clients together contribute only 30% of gross rentals, and no one tenant group accounts for more than 30% of rental income, so losing any one customer does not threaten the whole business.
- Built where India consumes - the portfolio’s locations provide access to 80% of India’s consumption markets, with assets in six of the eight major warehousing submarkets - Bengaluru, Chennai, Pune, Mumbai, Kolkata, and Delhi NCR - which together account for 87% of the country’s total warehousing stock.
- A pipeline that comes with a right of first refusal - the sponsor has a Right of First Offer pipeline of 13.0-plus million square feet across 12 cities, giving the trust a visible path to grow its portfolio without having to bid against strangers for every new asset.
Group structure and partners
The trust is a pass-through vehicle - it owns 27 wholly-owned special-purpose vehicles and a majority stake in one more, collects rent and interest from them, and must distribute at least 90% of net distributable cash flows to unitholders every year.
- A sponsor that builds what the trust buys - the sponsor, NDR Ware Housing Private Limited, has developed and managed 33 projects totalling roughly 17 million square feet of warehouses across 13 cities, with expertise spanning bonded warehousing, container freight stations, and temperature-controlled storage.
- Three layers of management, one job - the Investment Manager (NDR InvIT Managers Private Limited) makes investment decisions and monitors costs, the Project Manager (NDR Asset Management Private Limited) runs the buildings with a 24/7 team, and the Trustee (Axis Trustee Services Limited) watches over unitholder interests.
- Fixed-rate debt locked in for the long term - the trust has issued bonds to NaBFID, IIFCL, and IFC at fixed rates with maturities stretching out to 2039-2040, so rising interest rates do not eat into the cash available for distribution.
- Backed by investors who know the asset class - marquee unitholders include Investcorp (which manages a global warehousing portfolio of roughly 50 million square feet), IFC, Larsen & Toubro, and Serum Institute of India, alongside the sponsor group which held roughly 40% of units as of March 2025.