Singapore-based Ascendas-Singbridge Group and Singapore government-owned investment company Temasek Holdings have committed around S$400 million (US$298 million), to invest in logistics and industrial real estate in key locations across India.
The Ascendas-Singbridge Group is jointly owned by Temasek Holdings and JTC Corporation through a 51:49 partnership.
The initiative to invest in such cities as Mumbai, Pune, Chennai, Bangalore and Ahmedabad follows the establishment in 2017 of Ascendas-Firstspace, a joint venture between Ascendas-Singbridge and Firstspace Realty, an India-based industrial real estate developer. The programme aims to develop a portfolio of 13 million to 15 million square feet of space.
Meeting the needs of the future economy
"Given the 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,” said He Jihong, Ascendas-Singbridge Group chief investment officer. "We welcome Temasek's support and investment in the programme, which will leverage Ascendas-Firstspace's global customer base and local execution capabilities to meet the needs of the future economy," she added.
The Ascendas-Singbridge Group has projects in 28 cities across 9 countries in Asia, including Australia, China, Indonesia, Singapore, South Korea and India.
In India, Ascendas-Singbridge has been developing, managing and marketing IT parks, industrial & logistics parks, and integrated developments, totalling over 14.5 million sq ft of assets.
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