Japan's Bold Move: Are Hulic & Logicap About to Revolutionize India's $100B Industrial Real Estate?

In a significant move signaling the growing interest in India's industrial real estate market, Japanese real estate company Hulic has formed a joint venture with Logicap. This partnership marks Hulic's entry into India, where it has invested in two operating industrial properties located in Pune and Chennai, two of the country's major industrial hubs.

Abhay Goyal, the Chief Investment Officer at Logicap, expressed confidence in this collaboration, stating, “This collaboration validates the strength of our strategy of investing in high-quality industrial and logistics assets across India.” He emphasized that as India’s real estate market continues to mature, the practices of structured capital recycling and selective monetization can unlock significant value while retaining developmental upside and ensuring prudent capital management.

Priyank Shah, the Head of Fund Management at Logicap, noted the increasing focus of Japanese capital on India's potential. He said, “We will continue to deliver high-quality, high growth, and sound infrastructure opportunities at scale and in line with our growth vision.” This sentiment reflects a broader trend where foreign investors are looking at India not just as a market, but as a hub for logistics and industrial growth.

The joint venture aims to target additional high-quality industrial assets across other major Indian metro cities. Logicap is positioning itself to double its portfolio size over the next two years through a pan-India expansion strategy, indicating an aggressive growth outlook for the company. Shah also mentioned plans to launch the Logistics India Opportunities Fund in early 2026, aimed at accelerating institutional capital deployment into Grade A industrial assets amidst strong market tailwinds.

Since its inception in 2023, Logicap has made impressive strides in the sector, having acquired over 16 million square feet of industrial and logistics assets across India. This rapid growth has established Logicap as the fifth-largest institutional investor in the industrial real estate sector.

This partnership between Hulic and Logicap highlights the ongoing evolution of India's real estate landscape, particularly in the industrial and logistics sectors. The increasing participation of institutional investors, especially from Japan, underscores the confidence in India's economic trajectory and the potential for substantial returns in the industrial real estate market. As the joint venture pushes forward, it may pave the way for further foreign investments, contributing to India's emergence as a pivotal player in the global industrial landscape.