Singapore’s sovereign wealth fund GIC and pan-Asian logistics juggernaut ESR have inked a $600-million joint venture to acquire income-producing industrial and logistics properties in India, as sheds are expected to outperform other asset classes in the medium term.
The newly-launched entity, in which GIC and ESR hold an 80-20 ownership, respectively, is an extension of the duo’s 2020 partnership targeting “stabilised logistics assets” across the country’s tier 1 and tier 2 cities. The duo had then launched a $750-million joint venture with the same ownership pattern.
