ESR buys site for 300,000 SQM northern India logistics park
ESR is stepping up its presence in India with the purchase of a development site in the north of the country, as the logistics specialist looks to ride the rising demand for warehousing in the subcontinent.
The Warburg Pincus-backed company is planning to develop a 300,000 square metre (3.2 million square foot) logistics park on the site in Haryana state, which will make the facility one of the largest in northern India.
Growing a $500M Logistics Platform
The new property, once it reaches completion, will bring ESR’s portfolio in the country to 14 properties, with the hybrid developer-fund manager now having grown its assets under management in India to approximately $500 million since establishing its first major joint venture in the country in November 2018.
“ESR India is committed to building institutional grade logistics infrastructure to facilitate the development and modernisation of the nation’s supply chain,” AbhijitMalkani and Jai Mirpuri, Country Heads of ESR India, said in a joint statement.
Located in the city of Sohna, 55 kilometres south of Indira Gandhi International Airport, the proposed high-spec park will support last-mile delivery for the business hubs of New Delhi, Gurugram and Faridabad, according to the company, which plans to being construction on the project in May.