Adani leases warehouse to DMart for 28 years

Adani Logistics Ltd, the logistics and warehousing arm of the Adani Group, has leased a large warehouse facility at Panvel, on the outskirts of Mumbai, to Avenue Supermarts Ltd, the operator of the DMart retail chain, for a long tenure of 28 years.The transaction involves a warehouse property and adjoining parcels at Dharna Camp in Raigad district. As per the agreement, Adani Logistics has sub-leased 66,250 sqft of warehousing space to Avenue Supermarts at a starting monthly rent of Rs 20.20 lakh. The retailer has paid a security deposit of Rs 1.21 crore for the sub-lease deed that was registered on December 24.The agreement also includes a lock-in period of six years. Rentals under the contract will see an escalation of 12% every three years during the lease term, showed the documents accessed through CRE Matrix.The extended lease tenure of 28 years indicates a long-term commitment to the location and reflects the occupier’s intention to anchor operations at the site over an extended period.Panvel has emerged as a key logistics and warehousing hub within the Mumbai Metropolitan Region, supported by its proximity to the Mumbai-Pune Expressway, the Jawaharlal Nehru Port Authority, and improving road and rail connectivity. The micro-market has attracted steady demand from retailers, e-commerce firms and third-party logistics operators seeking large-format distribution facilities close to consumption centres.For Avenue Supermarts, the Panvel transaction adds to its expanding supply chain network as the company continues to scale its retail operations. Warehousing is central to the retailer’s inventory-led business model, with backend efficiencies playing a role in managing costs and stock movement.ET's email queries to Adani Group and Avenue Supermarts remained unanswered.The deal also reflects the increasing use of sub-leasing structures in large logistics parks, allowing operators to optimise asset utilisation while securing long-tenure commitments from occupiers.The Panvel lease underlines continued corporate interest in long-duration warehousing assets around Mumbai, even as developers and occupiers remain selective on location, pricing and execution.