Private Equity

PE-RE Fund Investments

GIC, ESR form new $600-M JV to invest in industrial, logistics assets in India

Press Release  

Singapore's sovereign wealth fund GIC and Asia-pacific focused real estate services and investment company ESR have created a new USD 600 million joint venture to acquire income-producing core industrial and logistics assets in India. GIC will hold an 80% equity in the joint venture (“Core JV”), while the Hong Kong Stock Exchange-listed ESR will control 20% equity. The new joint venture provides focused capital dedicated to enabling inorganic growth of the platform and will invest in stabilised operational assets in strategic locations across India's tier 1 and tier 2 cities. The Core JV platform will upgrade the assets as required, and add sustainability elements, to ensure the same standard and product quality to customers in line with its own developed products. ESR India, part of the ESR Group, is a leading developer and manager of industrial and logistics real estate with assets under management of around USD 1.7 billion and over 18 million sq ft of gross floor area.

From the Venture Intelligence PE-RE Deal database: In Dec-20, GIC and ESR Cayman Ltd had formed a similar 80:20 joint venture with a USD 750 million corpus to acquire industrial and logistics assets in India also focusing on Tier 1 and Tier 2 cities. It was to be seeded with an about 2.2 million sq ft build-to-core asset, located in proximity to the large consumption hubs of Mumbai and Thane.