GIC, ESR ink $600 mn deal to invest in logistics in India

Singapore’s sovereign wealth fund GIC and Asia-pacific focused real estate services and investment company ESR Group have entered a strategic partnership to set up a $600 million or Rs 4,964 crore joint venture to acquire income-producing core industrial and logistics assets in India. The sovereign fund will be holding 80% equity in the joint venture (Core JV), while the Hong Kong Stock Exchange-listed ESR will control 20% equity. This joint venture is an extension of the of the existing partnership in India between the two, which was initiated in 2020. With the new arrangement, the capital pool available to invest in development and core logistics and industrial opportunities across the country stand over $1 billion. With the new arrangement, the capital pool available to invest in development and core logistics and industrial opportunities across the country stand over $1 billion.