Indian Logistics Realty: Singapore GIC and ESR Cayman to Establish $750 Million Joint Venture

GIC and ESR Cayman to invest $750 Million Joint Venture

Under a new joint venture, Singapore’s sovereign wealth fund GIC and ESR Cayman have entered into an 80:20 strategic partnership to invest $750 million to develop and obtain industrial and logistics assets in India. The companies said in the release shared with SURFACES REPORTER (SR) that this joint venture will develop and own institutional-grade, state-of-the-art industrial and logistics facilities as well as acquire core assets, focusing on tier 1 and tier 2 cities across India.

To start with, the companies will build 2.2 million sq ft build-to-core assets, nearby Mumbai and Thane.

Lee Kok Sun, Chief Investment Officer of Real Estate, GIC said, “GIC has been investing in India for more than a decade, and this investment is a testament to our confidence in the long-term potential of this market.”

The industrial and logistics segment is one of the key growth drivers of the country’s real estate sector. 

The rising demand for e-commerce, rapid adoption of omnichannel distribution models by companies during this COVID, and altering consumer consumption has further pushed the demand for logistics and warehousing across the nation. The low vacancy levels and changing supply chains and infrastructure development will further spark this demand.

Talking about the collaboration, Abhijit Malkani and Jai Mirpuri, Country Heads, ESR India, shared, “This strategic partnership provides us with immediate scale to capitalise on the early growth stages of India’s rapidly modernising industrial and logistics landscape and tap high growth potential opportunities and further expand our industrial and logistics portfolio.”

ESR is a chief Asia-Pacific logistics (APAC) real estate firm that has approximately $26.5 billion of assets under management. The company’s GFA of completed properties is10 million sq ft, spreading across eight cities while over 35 million sq ft area covers the ongoing and planned development.

Text and Image Courtesy: SAV Architecture + Design

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