Ascendas-Singbridge, Asia’s leading sustainable urban development and business space solutions provider, has launched Ascendas India Logistics Programme (Programme). Temasek, a global investment company headquartered in Singapore, is a principal investor in the Programme.
The Programme will invest in projects in key warehousing and manufacturing hubs in Mumbai, the National Capital Region, Pune, Chennai, Bangalore, and Ahmedabad, among others. The Programme aims to develop 13-15 million sq ft of space. Till date, it has two seed assets with 1.25 million sq ft of operational space and over 4 million sq ft in development potential.
The commitment of capital for the Programme follows the recent establishment of Ascendas-Firstspace, a joint venture between Ascendas-Singbridge and Firstspace Realty (Firstspace), to deliver state-of-the-art logistics and industrial facilities across major warehousing and manufacturing hubs in India, said the company.
He Jihong, Ascendas-Singbridge Group Chief Investment Officer, said that given strong domestic consumption trends, investments in high-quality logistics and industrial facilities are necessary to support India’s economic growth in the years to come. The Programme will leverage Ascendas-Firstspace’s global customer base and local execution capabilities to meet the needs of the future economy.
Promeet Ghosh, Managing Director, India, at Temasek, said, “We view the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies. The positive momentum of the sector, underpinned by the Indian government’s Make in India vision as well as healthy consumption trends, present opportunities for us to further invest in India’s continued growth. We are pleased to partner with Ascendas-Singbridge in this new venture which will help address the growing demand for quality logistics and industrial space, and provide companies with the support they need to scale and succeed in India.”