The Ascendas-Firstspace platform is a joint venture between Ascendas, a member of CapitaLand Limited, and Firstspace Realty, an Indian partner with rich experience in industrial real estate in India. The platform provides an ideal combination of local knowledge and execution capabilities, combined with international best practices and governance standards, offering best-in-class solutions for our customers.
This platform was conceptualised to address the challenges pertaining to logistics and industrial infrastructure faced by companies in India, as they look to tap on the burgeoning growth opportunities on offer across different industrial industry verticals like 3PLs, e-commerce, automobiles, FMCG, modern retail and manufacturing among others.
India’s logistics industry is expected to grow at 10-11% annually to reach a size of ~USD 200 billion by 2021. With all the infrastructure initiatives being planned by the Government, India is expected to be positioned in line with other developed markets by 2025. Despite the opportunity of being attractive, key execution challenges remain on the ground related to identification and execution of land, approvals for conversion and construction, and cost competitive development.
The Ascendas-Firstspace platform offers unique advantages to customers in addressing these challenges.
Ascendas's logistics experience and strong Indian presence
- Ascendas is a member of CapitaLand Limited, with the larger group managing over 30 million sq ft of industrial and logistics space across Asia-Pacific bringing international best practices
- Developed and manages over 11 million sq ft of office space across five tier-1 cities in India since 1994
On-ground execution capabilities of the Firstspace team
- Strong track record in industrial real estate having managed over 4.5 million sq ft of space and commitment of over USD 300 million equity for developing more than 14 million sq ft of industrial space
- Firstspace team had already developed two modern warehousing projects in Chennai and Bangalore before teaming up with Ascendas-Singbridge
Strong transparency and corporate governance standards of Ascendas, a member of CapitaLand Limited
- Multiple awards for corporate governance standards
- Supported by eight listed real estate investment funds (REITS) and business trusts as well as over 20 private funds