New Ascendas-Singbridge programme to invest in logistics and industrial facilities in India06 Jun 2018
- Temasek and Ascendas-Singbridge Group have jointly committed INR 20 billion (approx. S$400 million) to invest in logistics and industrial real estate in key locations in India
- Ascendas-Firstspace, the platform established by Ascendas-Singbridge and Firstspace Realty in 2017, will execute the investment strategy for the programme
Singapore, 6 June 2018 – Ascendas-Singbridge, Asia’s leading sustainable urban development and business space solutions provider, has launched Ascendas India Logistics Programme (“Programme”). Temasek, a global investment company headquartered in Singapore, is a principal investor in the Programme.
The commitment of capital for the Programme follows the recent establishment of Ascendas-Firstspace, a joint venture between Ascendas-Singbridge and Firstspace Realty (“Firstspace”), to deliver state-of-the-art logistics and industrial facilities across major warehousing and manufacturing hubs in India.
Ms He Jihong, Ascendas-Singbridge Group Chief Investment Officer, said: “Ascendas-Singbridge has over 20 years of experience in India and we are committed to India’s real estate growth story. Given strong domestic consumption trends, investments in high quality logistics and industrial facilities are necessary to support India’s economic growth in the years to come. We welcome Temasek’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.”
Mr Promeet Ghosh, Managing Director, India, at Temasek, said, “We view the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies. 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. We are pleased to partner with Ascendas-Singbridge in this new venture which will help address the growing demand for quality logistics and industrial space, and provide companies with the support they need to scale and succeed in India.”
Mr Aloke Bhuniya, Chief Executive Officer of Ascendas-Firstspace, said: “With its institutional backing and local execution ability, Ascendas-Firstspace is the leading player in India’s logistics and industrial real estate sector. We are excited to further strengthen our position, and are privileged to have the support of Ascendas-Singbridge and Temasek.”
Tapping on India’s growing logistics sector, the Programme will invest in projects in key warehousing and manufacturing hubs in Mumbai, National Capital Region, Pune, Chennai, Bangalore, and Ahmedabad, among others. The Programme targets to develop a portfolio of 13 to 15 million sq ft of space. To date, it has two seed assets with 1.25 million sq ft of operational space and over 4 million sq ft in development potential.