ESR partners with Future Group for 2 storage parks
New Delhi, September 3 () The leading Asia Pacific real estate logistics platform, ESR, announced on Tuesday its partnership with the Future group to develop two storage parks with an estimated investment of Rs 300 Rs.
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 almost Rs 300 million (approximately USD 42 million) will be made to develop two state-of-the-art industrial and storage parks to serve the northern and central regions, the company said in a statement. .
The two sites, with a total area of approximately 75 acres and a developable area of approximately 1.3 million square feet, will be jointly developed by Future Market Networks Ltd and ESR of Future Group, with ESR as the majority partner.
We are excited about our partnership with ESR to develop a cutting-edge industrial and logistics infrastructure. ESR will contribute its experience to develop these strategically located assets to serve the fast-growing logistics industry in India.
Through this partnership, we are committed to offering the highest standards of warehouse design, construction and operation to ensure that these parks address the demand of the first-tier logistics solutions market, said Kishore Biyani, Group CEO, Future Group.
Abhijit Malkani and Jai Mirpuri, ESR India's country chiefs, said this will strengthen ESR's presence in India to six cities and hopes that this strategic alliance will expand further into several newer geographies in the next one or 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 leading investors, including APG, SK Holdings, JD.com, Goldman Sachs, CPPIB, Ping An, Allianz Real Patrimonio and Fondo CSOBOR.
The ESR platform spans China, Japan, South Korea, Singapore, Australia and India.
As of December 31, 2018, the fair value of the properties held directly 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 publicly traded entity with BSE and NSE and is dedicated to building capacity and enabling infrastructure for future markets in a more efficient and profitable way. FMNL aims to create a network of new markets by integrating and better organizing the modern wholesale, retail and logistics infrastructure in India. MJH MJH MR MR