Ascendas forms JV to invest $500m in India
Ascendas-Singbridge Group is partnering with Indian industrial real estate specialist Firstspace Realty to develop logistics and industrial facilities across major warehousing and manufacturing hubs in India.
Ascendas will hold the majority stake in the venture.
The joint venture will invest $500 million to $600 million to develop these facilities over the next five years through a mixture of debt and equity, according to media outlets.
The warehouses will meet the infrastructure needs of businesses such as third-party logistics, e-commerce, automobiles, fast-moving consumer goods, modern retail and manufacturing in India.
According to the plan the platform will be developing 14 million to 15 million square feet over the next five years.
Ascendas-Firstspace has already started to invest. It is hoping to close its first land deal for developing a warehouse in the next 30 days to 45 days, according to Financial Express. It is planning to set up warehouse facilities in Pune, Ahmedabad, Mumbai, Chennai, Bengaluru and NCR.