Singaporean logistics firm, Ascendas-Singbridge has formed a joint venture with real estate firm, Firstspace Realty for building logistics and industrial facilities in the country.
Aloke Bhuniya, CEO, Ascendas-Firstspace platform, said, "Over five to six years, the JV plans to develop close to 15 million sq ft of space, and invest $600 million (Rs 3,800 crore) to develop new centres and tap demand from verticals such as third-party logistics, e-commerce, automobiles, fast-moving consumer goods, modern retail and manufacturing in the country."
Firstspace is founded by Bhuniya, who was managing director of IndoSpace Capital Advisors, the country's first institutional industrial real estate developer. The JV will develop centres of 550,000 sq ft to 3 million sq ft.
The JV will invest in projects aimed at the development of logistics and factory spaces in Mumbai, National Capital Region (NCR), Pune, Chennai, Bengaluru and Ahmedabad, and top warehousing and manufacturing hubs in the country.
Miguel Ko, CEO, Ascendas-Singbridge Group, said, "We have been in India for over two decades, developing iconic business and information-technology parks. We are a trusted brand with renowned operational capabilities and loyal client base. Entering the industrial and logistics sector is a natural progression, and we expect to meet the growing demand for quality manufacturing and logistics space. We have assembled an entrepreneurial team to lead the way, which will be supported by our India and global operations."Bhuniya said, "The investment will be primarily in Delhi NCR, Ahmedabad, Pune, Bengaluru, Mumbai and Pune, and every single location measuring 5 to 30 lakh sqft each will be a special purpose vehicle.