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ESR buys nearly 77 acre land in Sohna, Gurugram to build logistic park

Business Finance

Press Trust of India  |  New Delhi 

ESR on Monday said it has acquired 76.84 acre of land in Gurugram, Haryana to develop a logistic park.

ESR-- the largest APAC focused logistics real estate platform-- said in a statement that it will develop a logistics park in Sohna, South Gurugram spread over 76.84 acre.

"ESR acquired the land-parcel, formerly a part of keystone knowledge park, the first and only premier life science and technology ecosystem in Northern India from the Mayar Group," the statement said.

The park is expected to support last-mile delivery for national and global businesses especially e-commerce.

"With this investment, ESR expands its India footprint to 14 locations," the statement said.

Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by investors including APG, SK Holdings,, Goldman Sachs, CPPIB, OMERS, Ping An and Allianz Real Estate.

The ESR platform spans across the People's Republic of China, Japan, South Korea, Singapore, Australia and India.

As of June 30, 2019, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded about USD 20.2 billion.

ESR has been listed on the main board of The Stock Exchange of Hong Kong Ltd since 1 November 2019.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, January 27 2020. 16:20 IST