GIC, ESR Group form JV for industrial, logistics assets in India

Singapore’s sovereign wealth fund GIC and ESR Group Limited have ann­oun­ced the formation of a $600 million JV to purchase core industrial and logistics assets in India. GIC will hold 80 per cent of the JV, while ESR, an Asia Pacific-focused logistics real estate platform, will own the other 20 per cent. The new JV intends to offer the targeted finance for investments in In­dia’s core industrial and logistical assets. The JV is an expansion of the two companies’ current collaboration in India, which began in 2020, with the initial capital pool allocated for development and value-added logistics and industrial prospects throughout India. The JV will invest in stabilised operational assets in strategic locations across Tier I and Tier II cities with capital dedicated to facilitating the inorganic growth of the platform.