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December 22, 2020
SINGAPORE/MUMBAI/HONG KONG - Media OutReach - 22 December 2020 - GIC, Singapore s sovereign wealth fund, and ESR Cayman Limited ( ESR ; SEHK Stock Code: 1821) announced today that they have entered into an 80:20 strategic partnership to establish a US$750 million joint venture (the Joint Venture ) to develop and acquire industrial and logistics assets in India.
The Joint Venture will develop and own institutional-grade, state-of-the-art industrial and logistics facilities as well as acquire core assets, focusing on Tier 1 and Tier 2 cities across India. The Joint Venture will be seeded with a ~2.2 million sq ft build-to-core asset, located in close proximity to the large consumption hubs of Mumbai and Thane.