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Esr and Gic form joint venture to invest $600 million in industrial and logistics assets in India


By CNBCTV18.com IST (Released)

The joint venture is an extension of the existing partnership between the two companies in India, which was launched in 2020. The initial capital pool was dedicated to investing in development and value-added logistics and industrial opportunities across the India, the companies said in a statement.

ESR Group Ltd and GIC on Thursday announced an 80:20 strategic partnership for a $600 million joint venture to acquire core industrial and logistics assets in India.

The joint venture is an extension of the existing partnership between the two companies in India, which was launched in 2020. The initial capital pool was dedicated to investing in development and value-added logistics and industrial opportunities across the India, the companies said in a statement.

The new joint venture will provide dedicated capital for the inorganic growth of the platform and invest in stabilized operating assets in Tier 1 and Tier 2 cities.

“With a surge in the share of organized retail and e-commerce, supported by emerging sectors such as electric vehicles and semiconductors, the industrial and logistics asset class is expected to outperform other asset classes. medium-term real estate and infrastructure assets,” the statement said.

Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said in a statement that support from financial partners has been key to the growth of ESR’s new economy real estate platform. “We are delighted to be working with GIC to capitalize on the strong growth of the logistics sector in India,” they said.

Meanwhile, Abhijit Malkani, CEO of ESR India, said the country is on the cusp of supply chain transformation supported by automation, digitalization and supportive government policies. “Class A industrial and logistics developments provide a variety of features to enable increased operational efficiency, which is essential to this change. With the Core JV platform, we will upgrade assets as needed and add elements of sustainability, to ensure that we offer the same product quality to our customers as we do for products that we develop ourselves,” he said.

ESR India Ltd is part of the ESR Group and is a developer and manager of industrial and logistics real estate.


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