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.
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.
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.
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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.
