Te­masek, As­cen­das join hands to in­vest $300 mil­lion in lo­gis­tics busi­ness

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Mad­hurima Nandy mad­hurima.n@htlive.com

Sin­ga­pore-based As­cend as-Sing bridge Group and Te­masek Hold­ings Pvt Ltd have jointly com­mit­ted an in­vest­ment of around $300 mil­lion in lo­gis­tics and in­dus­trial real es­tate projects in In­dia through the As­cen­das In­dia Lo­gis­tics Pro­gramme.

This comes af­ter As­cend asSing bridge, which is jointly owned by Te masek Hold­ings and JTC Cor­po­ra­tion, part­nered with In­dian in­dus­trial real es­tate firm Firstspace Realty in 2017 to form the joint ven­ture As­cen­das-Firstspace to de­liver lo­gis­tics and in­dus­trial fa­cil­i­ties across ma­jor ware­hous­ing and man­u­fac­tur­ing hub sin the coun­try.

In­dus­trial real es­tate is fast emerg­ing as the go-to as­set class for in­vestors and de­vel­op­ers, as In­dia’s con­sump­tion and e-com­merce story gets a boost from the gov­ern­ment’s Make in In­dia ini­tia­tive and the goods and ser­vices tax.

“Given strong do­mes­tic con­sump­tion trends, in­vest­ments in high-qual­ity lo­gis­tics and in­dus- trial fa­cil­i­ties are nec­es­sary to sup­port In­dia’s eco­nomic growth in the years to come,” said He Ji­hong, chief in­vest­ment of­fi­cer, As­cen­das-Sing­bridge Group.

“We wel­come Te ma se k’ s sup­port and in­vest­ment in the pro­gramme, which will lever­age As­cen­das-Firstspace’s global cus­tomer base and lo­cal ex­e­cu­tion ca­pa­bil­i­ties to meet the needs of the fu­ture econ­omy.”

The pro­gramme will tap into In­dia’s grow­ing lo­gis­tics sec­tor and in­vest in projects in Mum­bai, the Na­tional Cap­i­tal Re­gion, Pune, Chennai, Ben­galuru and Ahmed­abad, among other places.

It aims to de­velop a port­fo­lio of 13 to 15 mil­lion sq. ft of space. So far, it has two seed as­sets 1 25 mil­lion sq ft of oper- ational space and more than 4 mil­lion sq. ft in de­vel­op­ment po­ten­tial.

“We view the lo­gis­tics and in­dus­trial sec­tor as a good proxy to grow­ing mid­dle-in­come pop­u­la­tions and trans­form­ing economies,” said Promeet Ghosh, man­ag­ing di­rec­tor, In­dia, Te­masek. “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.”

In­dia’s ware­hous­ing and lo­gis­tics sec­tor has at­tracted in­vest­ments of more than a bil­lion dol­lars in 2017 and is ex­pected to wit­ness higher in­ter­est in build­ing busi­nesses around steady rental in­come.

“With its in­sti­tu­tional back­ing and lo­cal ex­e­cu­tion abil­ity, As­cen­das-Firstspace is the lead­ing player in In­dia’s lo­gis­tics and in­dus­trial real es­tate sec­tor,” said Aloke Bhu­niya, CEO of As­cen­das-Firstspace. “We are ex­cited to fur­ther strengthen our po­si­tion and are priv­i­leged to have the sup­port of As­cend asSing bridge and Te­masek ”

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Te­masek Hold­ings to in­vest in in­dus­trial real es­tate

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