+
GIC, ESR Cayman enter $ 750 mn JV
Real Estate

GIC, ESR Cayman enter $ 750 mn JV

ESR Cayman and Singapore’s sovereign wealth fund GIC recently entered into an 80:20 strategic partnership for a joint venture worth $750 million for the development and acquisition of logistics and industrial assets in India.

The joint venture will focus on Tier 1 and Tier 2 cities across the country to develop and acquire logistics and industrial facilities. In the first place, the joint endeavour will begin with about 2.2 million sq ft build-to-core asset situated near the large consumption centres of Thane and Mumbai.

The Chief Investment Officer (real estate) of GIC, Lee Kok Sun, commented that this venture was a demonstration of their trust and confidence in the long-term potential of that market. Kishore Gotety, co-head of real estate in GIC (Asia ex-China) stated that the relentless growth of the e-commerce development in India fortified by the increasing internet infiltration was expected to drive solid interest for logistics and industrial assets. Changing supply chain, low-vacancy levels and emphasis on infrastructure development had further supported their claims. The joint-venture was well-situated to profit by the tailwinds.

ESR India’s country heads, Jai Mirpuri and Abhijit Malkani stated that the strategic partnership provided the organisation with prompt scale to underwrite India’s modernising logistics and industrial landscape. They also added that they wanted to tap these high growth potentials and further expand their portfolio.

As of 30 June 2020, the fair value of the properties and the investments directly held by the ESR and the assets that were being managed with respect to the investments and funds vehicle was recorded at approx $26.5 billion. The GFA (gross floor area) of the properties that were under development and the properties that were completed, along with the land held for future projects contained 18.7 million sq mt, in total.

Image Source

ESR Cayman and Singapore’s sovereign wealth fund GIC recently entered into an 80:20 strategic partnership for a joint venture worth $750 million for the development and acquisition of logistics and industrial assets in India. The joint venture will focus on Tier 1 and Tier 2 cities across the country to develop and acquire logistics and industrial facilities. In the first place, the joint endeavour will begin with about 2.2 million sq ft build-to-core asset situated near the large consumption centres of Thane and Mumbai. The Chief Investment Officer (real estate) of GIC, Lee Kok Sun, commented that this venture was a demonstration of their trust and confidence in the long-term potential of that market. Kishore Gotety, co-head of real estate in GIC (Asia ex-China) stated that the relentless growth of the e-commerce development in India fortified by the increasing internet infiltration was expected to drive solid interest for logistics and industrial assets. Changing supply chain, low-vacancy levels and emphasis on infrastructure development had further supported their claims. The joint-venture was well-situated to profit by the tailwinds. ESR India’s country heads, Jai Mirpuri and Abhijit Malkani stated that the strategic partnership provided the organisation with prompt scale to underwrite India’s modernising logistics and industrial landscape. They also added that they wanted to tap these high growth potentials and further expand their portfolio. As of 30 June 2020, the fair value of the properties and the investments directly held by the ESR and the assets that were being managed with respect to the investments and funds vehicle was recorded at approx $26.5 billion. The GFA (gross floor area) of the properties that were under development and the properties that were completed, along with the land held for future projects contained 18.7 million sq mt, in total. Image Source

Next Story
Infrastructure Transport

Syama Prasad Mookerjee Port Partners to Redevelop Nimtala Ghat

Kolkata: Syama Prasad Mookerjee Port, Kolkata (SMPK), signed a Memorandum of Understanding (MoU) on Tuesday with PS Group Realty Private Limited to redevelop and beautify Nimtala Ghat as part of PS Group’s Corporate Social Responsibility (CSR) initiative.The agreement was formalised at SMPK’s Head Office at 15, Strand Road, in the presence of SMPK chairman Rathendra Raman, deputy chairman Samrat Rahi, PS Group directors Saurav Dugar, Gaurav Dugar, Arun Sancheti, and senior SMPK officials.Under the MoU, PS Group will undertake the full redevelopment and permitted construction of Nimtala Imm..

Next Story
Infrastructure Urban

CSIR-NCL and Covestro Collaborate to Upcycle Polyurethane Waste

In a move towards sustainable plastic waste management, Pune-based CSIR-National Chemical Laboratory (CSIR-NCL) signed a Memorandum of Understanding (MoU) with Covestro (India) Private Limited on Wednesday to develop innovative upcycling technologies for polyurethane waste.Polyurethane is notoriously difficult to recycle, with current methods often proving inefficient, costly, and environmentally harmful. This collaboration aims to address existing challenges, including high energy usage and deterioration of material quality during recycling.Ashish Lele, director of CSIR-NCL, stated, “This p..

Next Story
Infrastructure Urban

Torrent Pharma Seeks CCI Approval for Rs 195 Billion JB Chemicals Deal

Ahmedabad-based Torrent Pharmaceuticals has sought clearance from the Competition Commission of India (CCI) to acquire a majority stake in J B Chemicals and Pharmaceuticals in a Rs 195 billion deal.Upon completion, Torrent Pharmaceuticals will become India’s second most valuable pharmaceutical company.The move follows Torrent’s June announcement to acquire a majority stake in J B Chemicals for Rs 195 billion.“The proposed combination pertains to the acquisition of shareholding by Torrent Pharmaceuticals Ltd in J B Chemicals & Pharmaceuticals Ltd, followed by the merger of the target ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?