Tata Toyo Radiator, a joint venture among Tata AutoComp Systems and Japanese companies T RAD Co and Mitsubishi, has leased more than 250,000 sq ft of warehousing space in Pune’s Khed locality for 10 years.
The company will be initially paying rent and tenant improvement cost of Rs 90 lakh per month — Rs 67 lakh in rent and Rs 23 lakh of tenant improvement cost.
The agreement includes a clause to escalate the rent by 12% after the completion of 2.5 years and 12% every three years thereafter. It has a lock-in period of 5.5 years for the tenant.
As per the agreement, the rent commencement date has been set as March 1, 2025, subject to completion of tenant improvement work by January 16, showed the documents accessed through Propstack.
Tata Toyo Radiator manufactures heat exchangers from multi-layered aluminium, which provides corrosion resistance and durability against mechanical and thermal shocks for automotive and non-automotive applications.
The company was established in 1998. Tata AutoComp holds a 51% stake in this company, while T RAD and Mitsubishi have 40.25% and 8.75% stakes, respectively.
Tata AutoComp did not respond to an email seeking comment.
India has witnessed significant growth in the leasing of warehousing spaces over the last few years, driven by a rapid expansion in ecommerce, implementation of GST and increasing demand for efficient supply chain management.
The Indian logistics sector is poised for a significant transformation and evolving supply chains are expected to drive demand for around 1.2 billion sq ft of warehouse space in cities by 2027, according to a JLL India and Miebach Consulting study.
Major metropolitan areas and emerging industrial hubs have seen a surge in warehouse leasing activity, with companies seeking to streamline logistics and enhance distribution networks.
The company will be initially paying rent and tenant improvement cost of Rs 90 lakh per month — Rs 67 lakh in rent and Rs 23 lakh of tenant improvement cost.
The agreement includes a clause to escalate the rent by 12% after the completion of 2.5 years and 12% every three years thereafter. It has a lock-in period of 5.5 years for the tenant.
As per the agreement, the rent commencement date has been set as March 1, 2025, subject to completion of tenant improvement work by January 16, showed the documents accessed through Propstack.
Tata Toyo Radiator manufactures heat exchangers from multi-layered aluminium, which provides corrosion resistance and durability against mechanical and thermal shocks for automotive and non-automotive applications.
The company was established in 1998. Tata AutoComp holds a 51% stake in this company, while T RAD and Mitsubishi have 40.25% and 8.75% stakes, respectively.
Tata AutoComp did not respond to an email seeking comment.
India has witnessed significant growth in the leasing of warehousing spaces over the last few years, driven by a rapid expansion in ecommerce, implementation of GST and increasing demand for efficient supply chain management.
The Indian logistics sector is poised for a significant transformation and evolving supply chains are expected to drive demand for around 1.2 billion sq ft of warehouse space in cities by 2027, according to a JLL India and Miebach Consulting study.
Major metropolitan areas and emerging industrial hubs have seen a surge in warehouse leasing activity, with companies seeking to streamline logistics and enhance distribution networks.
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