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Ascendas-Singbridge And Temasek To Expand Presence In India

Koshal Shelar

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Ascendas-Singbridge and Temasek to expand presence in India

Singapore-based Temasek Holdings and Ascendas-Singbridge Group are looking forward to work on a joint venture for expanding their presence in the Indian warehousing and industrial real estate market.

Singapore’s Temasek Holdings and Ascendas-Singbridge Group plan to work in a joint venture to expand their share in the Indian warehouse and industrial real estate market. This move has been made with the aim of increasing their portfolio almost threefold in the coming five years.

Temasek Holdings and Ascendas-Singbridge Group have committed approximately $400 million for investing in logistics and industrial real estate in key locations across India. The joint venture will be developing a portfolio of 13-15 million sq ft in the coming five years. This will be done via two seed assets at present with 1.25 million sq ft of operational space and over 4 million sq ft with huge developmental potential. Ascendas-Firstspace, developed by Ascendas-Singbridge and Firstspace Realty will implement the investment plan for the programme.

At present, the joint fund is in the process of acquiring assets across markets in Chennai, Hyderabad, Karnataka and Mumbai.

Aloke Bhuniya, Chief Executive at Ascendas Firstspace, a joint venture between Ascendas-Singbridge and Indian real estate Firstspace Realty said,” The joint fund between Temasek and Ascendas-Singbridge is in the process of acquiring assets across key cities in the country. We have various investments at the advanced stage of due diligence and hope to close them over the next 18-36 months”.

In the last four years, both domestic and international investors have invested $3.4 in Indian warehousing that had primarily been unorganized. This has contributed to around 26% of the total private equity investments in real estate during this period, a Knight India study revealed.

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