ESR Group acquires 27-acre Chennai land for Rs 2.76 billion

18 Jun 2024 CW Team

ESR Group announced the acquisition of an additional 27 acre of land to expand its existing industrial and logistics park at Oragadam in Chennai. With this acquisition, the ESR Oragadam Industrial and Logistics Park now spans 107 acre, offering a development potential of 2.5 million square feet.

According to a statement released on Monday, the company emphasised that the Rs 2.76 billion investment reflects ESR's commitment to strengthening Tamil Nadu's industrial landscape.

The ESR Oragadam Industrial & Logistics Park is strategically positioned in the Oragadam-Sriperumbudur cluster, an area experiencing strong demand growth for Grade A assets.

The latest expansion follows the successful development of the first two phases of ESR Oragadam, which have attracted several high-profile clients including CUBIC, A2Mac1, and CCL.

Abhijit Malkani, CEO of ESR India, described the expansion in Oragadam as a crucial step in supporting Tamil Nadu's aspiration to emerge as a key industrial hub. He characterised the project as surpassing traditional Grade A industrial buildings.

Malkani stated that by enhancing the supply chain with modern infrastructure, ESR Group aims to facilitate advanced manufacturing and logistics capabilities for its customers and communities.

He further elaborated that ESR is developing an ecosystem prioritizing innovation and environmental responsibility, integrating green building practices and sustainable infrastructure into their designs to enable efficient operations while reducing environmental impact.

ESR Group is recognised as the leading new economy real asset manager in the Asia-Pacific region and one of the largest globally listed real estate investment managers. Its integrated fund management and development platform spans across Australia/New Zealand, Japan, South Korea, Greater China, Southeast Asia, and India, with additional presence in Europe and the US.

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