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Ascendas-Singbridge has launched the Ascendas India Logistics Programme, in which global investment firm Temasek is a principal investor.
In a statement, Ascendas revealed that Ascendas-Singbridge Group and Temasek jointly committed INR 20 billion or about S$400 million “to invest in logistics and industrial real estate in key locations in India”.
Ascendas-Firstspace, the platform established in 2017 by Ascendas-Singbridge and Firstspace Realty, will execute the programme’s investment strategy.
“Ascendas-Singbridge has over 20 years of experience in India and we are committed to India’s real estate growth story. Given 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 Ascendas-Singbridge Group chief investment officer He Jihong.
With the aim of developing a portfolio of 13 to 15 million sq ft of space, the programme will invest in projects in key manufacturing and warehousing hubs in Pune, Mumbai, National Capital Region, Bangalore, Ahmedabad and Chennai.
To date, the programme has two seed assets with 1.25 million sq ft of operational space and more than four million sq ft in development potential.
Temasek managing director Promeet Ghosh noted that his company considers “the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies”.
“The positive momentum of the sector, underpinned by the Indian government’s Make in India vision as well as healthy consumption trends, present opportunities for us to further invest in India’s continued growth,” he said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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