Ascendas Firstspace Buys 0.9 MSF Gujarat Logistics Asset for ₹275 Cr from Crystal Group

Mumbai, February 25, 2026: Ascendas Firstspace has acquired nearly 0.9 million square feet (MSF) of Grade-A warehousing and industrial space in Bawla, Ahmedabad, from Crystal Group in a transaction valued at around INR 275 crore. The acquisition, structured as a forward purchase, was exclusively advised and executed by newly launched boutique advisory firm AARE Consulting.

The deal gives Ascendas Firstspace early-stage control of a large, contiguous institutional-grade logistics development in one of Gujarat’s fastest-growing warehousing corridors. Located along NH-48, Bawla has emerged as a preferred logistics micro-market due to strong connectivity to Ahmedabad and industrial corridors linking Gujarat with Maharashtra and Rajasthan.

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.

For Bakir Gandhi, Chairman, Crystal Group, a Gujarat-based industrial and warehousing developer, the transaction enables capital recycling and balance sheet optimization while expanding its development pipeline.

AARE Consulting led the mandate from structuring through commercial closure, advising on transaction design, milestone alignment and risk allocation to meet institutional investment requirements.

The deal also marks the formal market entry of AARE Consulting, founded by industry veterans Pratyush Pandey and Pankaj Galav. Positioned as a partner-led advisory platform, AARE will focus on structured land transactions, asset monetisation, joint ventures and complex development mandates across India. The founders bring over five decades of combined experience across industrial, retail and commercial real estate.

“We operate as partners rather than consultants, with a transaction-first mindset focused on execution certainty,” said Pratyush Pandey and Pankaj Galav, Founders of AARE Consulting.

The firm will initially focus on key urban markets, including Mumbai and other major cities, amid continued institutional interest in India’s logistics sector.