GIC's chief investment officer for real estate, Lee Kok Sun, said ESR is an integrated logistics platform and added that the Singaporean fund has been investing in India for more than a decade.
"...this investment is a testament to our confidence in the long-term potential of this market," he added.
The fund's co-head of real estate for Asia excluding China, Kishore Gotety said the strong pickup in e-commerce activity, which is reinforced by rising internet penetration, is expected to drive strong demand for industrial and logistics assets in the country.
An emphasis on infrastructure development, changing supply chains, and low vacancy levels lend further support to the investments in the sector, he said, hoping that the JV will deliver"resilient returns".
ESR India's country heads Abhijit Malkani and Jai Mirpuri said the JV is an extension of their platform's partnership with GIC and termed it as a strategic partnership which provides it an immediate scale to capitalise on the early growth stages of India's rapidly modernising industrial and logistics landscape.
"We have a strong conviction in the growth prospects of India's logistics real estate," ESR's co-founders and co-CEOs Jeffrey Shen and Stuart Gibson, said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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