Singapore’s sovereign wealth fund GIC Pte Ltd and ESR Cayman Ltd, an Asia-Pacific-focused logistics real estate firm, have formed a joint venture (JV) to develop and buy industrial and logistics assets worth $750 million in India. The venture will be owned 80% by GIC and the rest by ESR Cayman, a joint statement said. It will seek to build and own industrial and logistics facilities as well as acquire core or operational assets, focusing on tier-I and tier-II cities. The transaction is subject to regulatory approvals.The JV plans to start operations with a 2.2 million sq. ft asset near Mumbai and Thane. The industrial and logistics segment has become a key growth driver in real estate. Continued expansion of the e-commerce sector, growing infrastructure investment, supply chain modernization and favourable government policies are expected to drive consolidation of logistics real estate and boost demand for Grade A logistics infrastructure.
Courtesyg: Google (photo)
