 "GIC, ESR Cayman form $750-million joint venture to invest in logistics")
Singapore’s sovereign wealth fund GIC and Hong Kong’s logistics developer ESR Cayman on Tuesday said they have formed a $750-million (around Rs 5,500 crore) joint venture (JV) to develop and acquire industrial and logistics assets in the country.
It will be an 80:20 partnership deal, focusing on Tier 1 and Tier 2 cities.
The JV will be seeded with a 2.2 million sq ft build-to-core asset, located in close proximity to the large consumption hubs of Mumbai and Thane in Maharashtra.
ESR was recently in news for being in the race to acquire Warburg Pincus-backed Embassy Industrial Parks, but the talks fell through
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