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GIC, ESR Cayman form $750-million joint venture to invest in logistics

The JV will be seeded with a 2.2 million sq ft build-to-core asset, located in close proximity to the large consumption hubs of Mumbai and Thane

Concor, warehouse, logistics, distributor
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Banking on the growth of e-commerce and implementation of the goods and services tax regime, several investors such as Canada Pension Plan Investment Board

Raghavendra Kamath Mumbai
Singapore’s sovereign wealth fund GIC and Hong Kong’s logistics developer ESR Cayman on Tuesday said they have formed a $750-million (around Rs 5,500 crore) joint venture (JV) to develop and acquire industrial and logistics assets in the country.

It will be an 80:20 partnership deal, focusing on Tier 1 and Tier 2 cities.

The JV will be seeded with a 2.2 million sq ft build-to-core asset, located in close proximity to the large consumption hubs of Mumbai and Thane in Maharashtra.

ESR was recently in news for being in the race to acquire Warburg Pincus-backed Embassy Industrial Parks, but the talks fell through

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First Published: Dec 22 2020 | 10:53 PM IST

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