Mumbai-based K Raheja Corp, a leading real estate company, has entered into a 50:50 joint venture with Colorado-based ProLogis, world's largest owner, manager and developer of distribution facilities globally.

The joint venture called “ProLogis K Raheja Corp Pvt. Ltd” is for warehousing and logistics infrastructure development in India and is ProLogis’ first transaction in the country.

Under the agreement, the joint venture will acquire 100-150 acres of land across several cities such as Mumbai, Delhi, Chennai, Kolkota, Pune, Bangalore and Nagpur. The JV partners have already acquired 73 acres of land in Pune and the first warehousing facility will be operational in 2009-10. The joint venture will invest around Rs 2,300 crore over three years.

ProLogis also announced the appointment of Abhijit Malkani to head company's operations in India.

K Raheja Corp. engages in real estate development, hospitality, and retailing businesses. Its services include land sourcing and acquisition; approvals and design, including zoning and clean land titles; project support; and leasing and sales.

The company also operates retail chains across India, as well as engages in hospitality business to meet the business and leisure needs of the international and domestic travelers.