ESR forms $750m India logistics JV with Singapore’s GIC

ESR Lodha Industrial & Logistics Park (project rendering)

Global logistics real estate firm ESR has entered into a strategic partnership with Singapore’s sovereign wealth fund GIC to set up a $750-million joint venture that will develop and acquire industrial and logistics assets in India.

In a joint statement, GIC and ESR said the JV will be seeded with a 2.2 million square feet of build-to-core asset located near the large consumption hubs of Mumbai and Thane.

The partnership will develop and own industrial and logistics facilities and acquire core assets in Tier 1 and Tier 2 cities across India.

The JV was established as the demand for industrial and logistics assets in India remains strong on the back of continued e-commerce growth and rising internet penetration. The country’s infrastructure development, changing supply chains, and low vacancy levels also support the growth of the assets.

GIC has been investing in India for more than a decade and the partnershp with ESR further highlights its confidence in the long-term potential of the market, said Lee Kok Sun, the firm’s chief investment officer of Real Estate.

It is not the first time for GIC and ESR to enter into a strategic partnership. Last January, both firms set up a JV, with a total equity commitment of $500 million, that focuses on building institutional-grade logistics facilities in key cities across China.

They also formed the $700-million Australia-focused, core-plus logistics JV ESR Australia Development Partnership (EADP) fund that focuses on strategically located sites that benefit from infrastructure or proposed infrastructure upgrades in the eastern seaboard cities of Sydney, Melbourne, and Brisbane in Australia.

Listed in Hong Kong, ESR was formed in January 2016 by a merger between Shanghai-based warehousing service e-Shang and Singaporean logistics real estate investment firm The Redwood Group.

GIC, on the other hand, manages Singapore’s foreign reserves. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.