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ESR India Investments Holdings, a subsidiary of real estate platform ESR, has entered into an alliance with Future Group to to develop two industrial and warehousing parks with a Rs. 300 crore (about $42 million) investment.
The industrial and warehousing parks would be developed to service the northern and central regions of the country.
ESR India has entered into the deal with Future Group through Future Market Networks Ltd. This collaboration is set to benefit the burgeoning e-commerce growth in these regions, the company said in a statement.
“ESR shall bring in its expertise to develop these strategically located assets to service India’s rapidly growing logistics industry,” Kishore Biyani, Group CEO at Future Group said.
The two sites, with a total area of about 75 acre and a developable area of about 1.3 million sqft will be jointly developed by Future Market Networks and ESR, with ESR as the majority partner.
This will strengthen ESR’s presence in India to six cities and we expect this strategic alliance to expand further in several newer geographies in the next one to two years, Abhijit Malkani and Jai Mirpuri, Country Heads of ESR India, said in the statement.
ESR is the largest Asia-Pacific focused logistics real estate platform by gross floor area, by value of the assets owned directly and by the funds and investment vehicles it manages. 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 and Goldman Sachs among others. |
