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Temasek, Ascendas-Singbridge to invest Rs 2,000 cr in India

The Singapore-based players aim to develop a portfolio of 13 to 15 million square feet of space in India

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Singapore-based firms Temasek and Ascendas-Singbridge will pump in Rs 2,000 crore in Indian logistics and industrial real estate sectors.

The investment will be made at different locations across the country through a joint venture - Ascendas-Firstspace - formed last year along with domestic player Firstspace Realty.

On their investment radar are warehousing and manufacturing projects across hubs in and around Mumbai, National Capital Region, Pune, Chennai, Bengaluru and Ahmedabad. There is a possibility of including more locations to expand the presence.

Ascendas-Singbridge, co-owned by Temasek and JTC Corporation through a 51:49 partnership, is into “sustainable urban development and business space solutions” and has launched Ascendas India Logistics Programme.

The Singapore-based players aim to develop a portfolio of 13 to 15 million square feet of space in India. They already have two assets with 1.25 million sq ft of operational space and over 4 million sq ft in development potential.

In a statement, He Jihong, Ascendas-Singbridge Group chief investment officer said, “Given strong domestic consumption trends, investments in high-quality logistics and industrial facilities are necessary to support India’s economic growth in the years to come. We welcome Temasek’s support and investment, which will leverage Ascendas-Firstspace’s global customer base and local execution capabilities to meet the needs of the future economy.”

On the announcement, Promeet Ghosh, managing director (India), Temasek said, “We view the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies. The positive momentum of the sector, underpinned by the Indian government’s Make in India vision as well as healthy consumption trends, present opportunities for us to further invest in India’s continued growth.”

Recently, DNA Money had reported that Ascendas-Singbridge is interested in setting up a logistics and manufacturing space at the special economic zone being bid out by the Jawaharlal Nehru Port Trust. The bidding process for the same has commenced and pre-bid discussions are going on between the interested players and the port authorities.

“With its institutional backing (from Temasek and Ascendas-Singbridge) and local execution ability, Ascendas-Firstspace is the leading player in India’s logistics and industrial real estate sector. We are excited to further strengthen our position,” said Aloke Bhuniya, chief executive officer, Ascendas-Firstspace in a media statement.

In November last year, the government had granted infrastructure status to the logistics sector, leading to an increased interest from domestic and international players. The government, through its programmes like port-led development – Sagarmala – is also giving an additional thrust to the logistics and warehousing business.

WHAT’S IN STORE

  • The Singapore-based players aim to develop a portfolio of 13 to 15 million square feet of space in India
     
  • On the radar are projects across hubs in and around Mumbai, NCR, Pune, Chennai, Bengaluru, Ahmedabad
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