Ascendas, Firstspace to form joint venture

the JV will invest in projects aimed at the development of logistics and factory spaces in Mumbai

Singapore-based property investor and developer Ascendas-Singbridge Group is setting up a joint venture (JV) with industrial properties developer Firstspace Realty for building logistics and industrial facilities in the country.
 
Over five to six years, the JV plans to develop close to 15 million sq ft of space, and invest $600 million (Rs 3,800 crore) to develop new centres and tap demand from verticals such as third-party logistics, e-commerce, automobiles, fast-moving consumer goods, modern retail and manufacturing in the country, said Aloke Bhuniya, chief executive of the Ascendas-Firstspace platform. Firstspace is founded by Bhuniya, who was managing director of IndoSpace