Asia Pacific's leading logistics real estate platform ESR on Tuesday announced partnership with Future group to develop two warehousing parks with an estimated investment of Rs 300 crore.
ESR India Investments Holdings, a subsidiary of ESR, formed a strategic alliance with Future Group through Future Market Networks Ltd.
"It is estimated that an investment of nearly Rs 300 crores (approximately USD 42 million) shall be made to develop two state-of-the-art industrial and warehousing parks to service the northern and central regions," the company said in a statement.
The two sites, with a total area of about 75 acres and a developable area of around 1.3 million sq. ft. will be jointly developed by Future Group's Future Market Networks Ltd and ESR, with ESR as the majority partner.
"We are enthusiastic about our alliance with ESR to develop state-of-the-art industrial and logistics infrastructure. ESR shall bring in their expertise to develop these strategically located assets to service India's rapidly growing logistics industry.
"Through this partnership we are committed to deliver the highest standards of design, construction and operation of warehouses to ensure that these parks address market demand for first-rate logistics solutions," said Kishore Biyani, Group CEO, Future Group.
Abhijit Malkani and Jai Mirpuri, Country Heads of ESR India, said this will strengthen ESR's presence in India to six cities and expected this strategic alliance to expand further in several newer geographies in the next one to two years.
Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by some of the world's prominent investors including APG, SK Holdings, JD.com, Goldman Sachs, CPPIB, Ping An, Allianz Real Estate and CSOBOR Fund.
The ESR platform spans across China, Japan, South Korea, Singapore, Australia and India.
As of December 31, 2018, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded approximately USD 16 billion.
Future Market Networks is a public listed entity with BSE and NSE and engaged in building capacity and enabling the infrastructure for future markets in a more efficient and cost-effective manner.
FMNL aims to create a network of new markets by integrating and better organizing the modern wholesale trade, retail and logistics infrastructure in India.
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