NDR InvIT

What NDR InvIT does

NDR InvIT Trust is India's first perpetual Infrastructure Investment Trust (InvIT) focused on warehousing and industrial parks, registered with SEBI on June 5, 2023 and listed on the National Stock Exchange on February 14, 2024. The trust acquires and manages a pan-India portfolio of Grade-A warehouses and industrial parks — approximately 21-23 million square feet across 17-18 cities, comprising 60+ warehouses and 39 industrial parks — leased to institutional occupiers across e-commerce, third-party logistics (3PL), manufacturing, organized retail, and emerging electric vehicle/automotive sectors. Sponsor NDR Warehousing Private Limited provides 50+ years of logistics lineage and a forward development pipeline of approximately 7 million square feet through its NDR Smart Spaces arm, creating a captive acquisition funnel for the trust.

The trust generates revenue primarily through rental income from long-term leases, with weighted average lease expiries ranging from 5.2 to 23.95 years across the portfolio and 100% occupancy reported on recently acquired assets. FY26 rental income reached Rs 420 crore, up 30% year-over-year. Capital is raised through a combination of NSE-listed units, AAA-rated non-convertible debenture issuances (including India's first sustainability-linked bond by a warehousing InvIT, anchored by IFC), and preferential issues to qualified institutional buyers. Notable institutional backers include Investcorp (~$106 million at IPO), the International Finance Corporation ($75 million sustainability-linked bond plus participation in the Rs 410 crore 2026 bond issue), NaBFID (Rs 745 crore), and IIFCL (Rs 102.5 crore).

Recent strategic activity has been acquisition-heavy: Hosur (Rs 285 crore, February 2026), Pune (Rs 203 crore, March 2026), Kochi-Coimbatore (Rs 260 crore, April 2026), and Lucknow's MLG Warehousing (Rs 143.9 crore, October 2025) collectively added several million square feet of fully-occupied, long-WALE assets. Combined fundraising of over Rs 1,100 crore in March-April 2026 alone funded this expansion. The trust holds EDGE Certification for 235,251 m² of subproject floor area, supporting its ESG positioning and sustainability-linked financing framework. As a SEBI-regulated perpetual InvIT, NDR InvIT operates under a robust governance structure with Axis Trustee Services as InvIT trustee, NDR InvIT Managers as investment manager, and NDR Asset Management as project manager.

Name

NDR InvIT

Legal name

NDR InvIT Trust

Website

https://ndrinvit.com

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

NDR InvIT Trust is India's first perpetual warehousing and industrial parks Infrastructure Investment Trust, listed on NSE in February 2024. It owns and leases a 21+ msf pan-India Grade-A portfolio across 18 cities to e-commerce, 3PL, manufacturing, and EV/automotive tenants.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (Warehousing)

NAICS

Trust, Fiduciary, and Custody Activities (523991), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Corporate & Institutional Trust Services (FSAAANAB)

akta.pro secondary industry

Trust Administration & Fiduciary Accounting Services (FSAAANAF)

Keywords

• Warehousing infrastructure
• Industrial parks
• Infrastructure investment trust
• Logistics real estate
• Warehouse leasing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Revenue model

1. Warehouse and Industrial Park Rental Income: NDR InvIT generates primary revenue through rental income from its portfolio of Grade-A warehouses and industrial parks. The trust reported a 30% increase in rental income to Rs 420 crore in FY26. Revenue comes from long-term leases to tenants across e-commerce, 3PL, manufacturing, and retail sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

NDR InvIT Trust acquires, owns, and operates a portfolio of Grade-A warehousing assets and industrial parks across 18 Indian cities, leasing them on long-term contracts to enterprise tenants in e-commerce, 3PL, manufacturing, retail, and EV/automotive sectors. The trust generates recurring rental income (Rs 420 crore in FY26, up 30% YoY) distributed to unitholders while raising capital through NSE-listed units, AAA-rated bond issuances, and preferential issues to fund portfolio expansion.

Product overview

NDR InvIT operates as India's first perpetual warehousing and industrial parks Infrastructure Investment Trust (InvIT), listed on the National Stock Exchange. The platform manages a diversified portfolio of 21+ msf across 60+ warehouses and 39 industrial parks in 17 cities, with ongoing projects adding 4+ msf. The trust generates rental income from Grade-A warehousing assets and industrial parks leased to clients in e-commerce, 3PL, manufacturing, and retail sectors. NDR Smart Spaces serves as the development arm for new project construction.

Differentiator

Problem solved

Functional benefit

Brands

• NDR Smart Spaces: Development arm of NDR Group constructing industrial and warehousing space (7 million sq ft under construction as of 2026)
• Goaspace

Products and services

• NDR InvIT Trust Units Listed equity units of India's first perpetual warehousing and industrial parks Infrastructure Investment Trust, offered to retail and institutional investors for exposure to India's logistics infrastructure growth and recurring rental distributions.
• Grade-A Warehousing Leasing Long-term leasing of institutional-grade warehousing facilities across 18 Indian cities to enterprise tenants in e-commerce, 3PL, manufacturing, retail, and EV/automotive sectors, with weighted average lease expiry of 5.2-23.95 years.
• Industrial Park Leasing Long-term leasing of industrial and logistics parks providing manufacturing and warehousing infrastructure with proximity to key highways and labor access for enterprise tenants across India.
• AAA-Rated Bond Issuances Institutional debt securities issued by NDR InvIT Trust to qualified institutional buyers and development finance institutions to fund portfolio acquisitions and capital expenditure, carrying AAA credit ratings.
• NDR Smart Spaces Development Development arm constructing new warehousing and industrial space for the NDR Group's portfolio expansion, with assets developed under the NDR InvIT umbrella over time.

Quantifiable outcome

• 30% increase in rental income to Rs 420 crore in FY26
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Axis Trustee Services LimitedcoreOthersAxis Trustee Services serves as the InvIT Trustee, responsible for safeguarding unitholder interests and ensuring compliance with SEBI InvIT Regulations. The trustee provides independent oversight of the trust's operations.
• MUFG Intime India Private LimitedcoreOthersMUFG Intime India serves as the Registrar and Transfer Agent (RTA) for NDR InvIT Trust, handling unit registry maintenance, transfer of units, and investor services for unitholders.
• Catalyst Trusteeship LimitedcoreOthersCatalyst Trusteeship Limited serves as the Debenture Trustee for NDR InvIT's listed non-convertible debentures, overseeing bondholder interests and covenant compliance.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Mindspace Business Parks REIT: Mindspace REIT is a KKR-backed listed Indian REIT focused on office and business parks. It is a broader-market real-estate-yield comparable for investors evaluating NDR InvIT, though in commercial rather than industrial/warehousing assets.
• Embassy Office Parks REIT: Embassy REIT is India's first publicly listed REIT, focused on commercial office assets under the Blackstone-Embassy platform. It is an institutional-yield comparable in the listed Indian REIT/InvIT universe, though operating in commercial rather than logistics real estate.

Direct peers

• ESR India: ESR operates one of the largest Asia-Pacific logistics real estate platforms with a meaningful India presence. It competes directly with NDR InvIT for institutional tenants and institutional capital deployment in Indian warehousing and industrial parks.
• Embassy Industrial Parks: Embassy Industrial Parks develops and operates Grade-A warehousing and industrial parks across India, targeting similar e-commerce and 3PL tenants. It is part of the Blackstone-backed Embassy group and competes for both tenants and capital in the same asset class as NDR InvIT.
• IndoSpace: IndoSpace is India's largest Grade-A industrial and logistics real estate developer, backed by Everstone and GLP. It is the closest direct competitor to NDR InvIT in serving e-commerce, 3PL, and manufacturing occupiers with multi-city warehousing and industrial park portfolios.
• TVS Industrial & Logistics Park: TVS ILP operates industrial and logistics parks in India under the TVS Group, focused on Grade-A warehousing and built-to-suit facilities. It is comparable in tenant segments (automotive, 3PL, e-commerce) and asset class to NDR InvIT's portfolio.
• KSH Infra: KSH Infra is an Indian industrial and logistics parks developer with a multi-city footprint serving automotive, 3PL, and manufacturing tenants. It is a relevant comparable as a private-sector peer operating in the same Grade-A warehousing/industrial-park segment.

Emerging players

• Mahindra Logistics: Mahindra Logistics operates warehousing and supply-chain management services for enterprise clients across India, partially overlapping with NDR InvIT's tenant base and asset class, though as a 3PL operator and developer rather than a dedicated InvIT vehicle.

Regional players

• IRB InvIT Fund: IRB InvIT is a publicly listed Indian InvIT holding toll-road assets. Although infrastructure sub-sectors differ (highways vs. warehousing), it is comparable in regulatory structure, yield profile, and listed-InvIT governance framework relevant to NDR InvIT unitholders.
• IndiGrid: IndiGrid is India's first publicly listed infrastructure investment trust, focused on power transmission assets. While in a different infrastructure sub-sector, it is a structural comparable as a listed Indian InvIT, offering investors a comparable yield-distribution vehicle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ndrinvit

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries12 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NDR InvIT