GIC and ESR establish $600m JV to invest in core industrial and logistics assets in India

GIC and ESR Group has announced an 80-20 strategic partnership to establish a $600 million joint venture (known as Core JV) to acquire income-producing core industrial and logistics assets in India.

“India is at the cusp of a supply-chain transformation supported by automation, digitization and favorable government policies,” said Abhijit Malkani, CEO of ESR India. “Class A industrial and logistics developments offer a variety of features to enable increased operational efficiency, which is vital to this shift. With the Core JV platform, we will upgrade the assets as required, and add sustainability elements, to ensure that we offer the same product quality to our customers as we do for products that we develop ourselves.”

The Core JV represents an extension of the existing partnership in India between the two organizations, which was initiated in 2020, with the initial capital pool dedicated to investing in development and value-add logistics and industrial op