GIC and ESR establish $750m Indian industrial/logistics JV

GIC, Singapore’s sovereign wealth fund, and ESR Cayman, have formed an 80-20 strategic partnership to establish a $750 million joint venture to develop and acquire industrial and logistics assets in India.

Kishore Gotety, co-head of real estate at GIC, said, “Continued ecommerce growth in India over the long term, reinforced by rising internet penetration, is expected to drive strong demand for industrial and logistics assets. This is further supported by the emphasis on infrastructure development, changing supply chains and low vacancy levels. This joint venture is well-positioned to benefit from these tailwinds, bring institutional-grade assets into this market and generate resilient returns.”

The joint venture will develop and own institutional-grade, state-of-the-art industrial and logistics facilities, as well as acquire core assets, focusing on tier 1 and 2 cities across India. The joint venture will be seeded with an approximately 2.2 million-square-foot b