Singapore’s Temasek Holdings and Ascendas-Singbridge Group plan to expand the presence of their joint venture in India’s growing warehouse and industrial real estate market, aiming to increase their portfolio almost threefold in the next five years.“The joint fund between Temasek and Ascendas-Singbridge is in the process of acquiring assets across key cities in the country,” said Aloke Bhuniya, chief executive of Ascendas Firstspace, a joint venture between Ascendas-Singbridge and Indian industrial real estate firm Firstspace Realty.Temasek Holdings and Ascendas-Singbridge Group have jointly committed around Singapore $400 million (about ₹2,000 crore) to invest in logistics and industrial real estate in key locations across India. Ascendas-Firstspace, the platform established by Ascendas-Singbridge and Firstspace Realty in 2017, will execute the investment strategy for the programme.The joint fund plans to develop a portfolio of 13-15 million sq ft in the next five years, up from two seed assets at present with 1.25 million sq ft of operational space and over 4 million sq ft in development potential.The joint fund is currently in the process of acquiring assets across key markets such as Chennai, Hyderabad, Karnataka and Mumbai.“We have various investments at the advance stage of due diligence and hope to close them over the next 18-36 months,” said Bhuniya.In the past four years, domestic and overseas institutional investors have invested over $3.4 billion in Indian warehousing that has long remained unorganised. This accounted for around 26% of the total private equity investments in real estate during this period, showed a Knight Frank India study.
from The Economic Times https://ift.tt/2LXkvNV
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