Hulic Makes First Investment in Indian Industrial Real Estate with Two Operating Assets in Pune and Chennai

Hulic Co., Ltd. on January 15, 2026, announced its participation in an investment in two operating industrial real estate assets—leased factories and logistics warehouses—located in Pune and Chennai, two of India’s leading industrial hubs. The investment is structured as a joint venture with Logicap Management Pte. Ltd., an industrial real estate platform under the Hillhouse Group, one of Asia’s leading private equity firms. This marks Hulic’s first investment in industrial real estate in India.

The two assets are Ranjangaon PJ in Pune and Sri City PJ in Chennai. Ranjangaon PJ is located within the Ranjangaon Industrial Area in Pune district, Maharashtra, and comprises 15 single-story reinforced concrete buildings with mezzanine floors. The project was completed in phases between 2015 and 2022. Sri City PJ is located within the Sri City Industrial Park in Andhra Pradesh and consists of four single-story reinforced concrete buildings, completed in two phases in 2021 and 2023.

As part of its overseas business strategy, Hulic continues to invest in assets with strong underlying demand in regions expected to benefit from economic growth and population expansion, primarily in the U.S. and Asia. The two Indian assets are highly occupied properties leased mainly to global tenants serving domestic consumption demand in India, a country with the world’s largest population and strong economic growth prospects. Through its partnership with Logicap, which has an extensive track record in Indian industrial real estate investment, Hulic aims to further enhance the value of the properties.

Key Facts

• Property Name: Ranjangaon PJ

  • Location: Ranjangaon Industrial Area, Ranjangaon Village, Shirur Taluka, Pune District, Maharashtra, India

  • Site Area: Approx. 423,369 sq. m (approx. 4,556,000 sq. ft.)

  • Leasable Area: Approx. 243,593 sq. m (approx. 2,622,000 sq. ft.)

  • Structure / Scale: Reinforced concrete construction / Number of Floors: 1F (with mezzanine), 15 buildings

  • Completion: 2015–2022 (completed sequentially by building)

• Property Name: Sri City PJ

  • Location: Sri City Industrial Park, Canon Road, Sri City, Chittoor District, Andhra Pradesh, India

  • Site Area: Approx. 161,470 sq. m (approx. 1,738,000 sq. ft.)

  • Leasable Area: Approx. 89,100 sq. m (approx. 959,000 sq. ft.)

  • Structure / Scale: Reinforced concrete construction / Number of Floors: 1F, 4 buildings

  • Completion: Phase 1: 2021; Phase 2: 2023