Temasek launches $300m India logistics platform
Temasek Holdings has joined Ascendas-Singbridge, its real estate-focused joint venture with state-owned development firm JTC Corporation, to launch a INR20 billion ($300 million) investment program for Indian logistics and industrial assets.
The program - to be managed by Ascendas-Firstspace, a recently launched joint venture between Ascendas and India’s Firstspace Realty - will develop industrial and warehousing assets totaling 15 million square feet. It will primarily invest in manufacturing and warehousing hubs in Mumbai, Delhi, Pune, Chennai, Bangalore and Ahmedabad.
Ascendas-Firstspace has seeded the program with two assets for a total of 1.25 million sqft of operational space and 4 million sqft 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, Temasek’s managing director for India, in a statement. “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.”
Ascendas invests in sustainable urban development and business space across Asia, with projects in Australia, China, India, Indonesia, Singapore and South Korea. It launched its first India-focused development program, Ascendas India IT Parks Trust, in 2005.
The logistics and industrial platform resembles a previous venture between Ascendas and Singapore’s GIC Private focused on business space development. The Ascendas India Growth Programme launched in 2013 with a target size of S$600 million ($482 million), aiming to leverage projected strong demand for business space in India.
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