Warburg Pincusbacked logistics real estate firm ESR plans to spend $250 million over the next 18 months to develop logistics parks in different parts of our country.a move that will see its warehousing portfolio double to 30 million sq ft.
ESR plans to spend $250 million, “There main strategy is to invest more in core assets rather than long-term investments. In the long term investment, we will not only develop money by setting up warehouses but also deploy capital money in buying core assets,” said Abhijit Malkani, country head ESR Advisors India.
ESR, one of the largest developers and operators in logistics and warehousing, founded by e-Shang Cayman and Redwood Group Asia.
This company owns and manages properties worth about $20 billion globally. In that, it already deployed an amount of 250 million in real estate and investment firms, including Future Group, GMR and Lodha over the last two years.
According to Malkani, the company is planning to invest and expands its operations on tier-II cities including
Rather expanding operations in tier-1 cities like Mumbai and Bengaluru. “Considering the huge demand for quality warehouse space in tier-II,” he said.
The logistics parks will be jointly developed by Future Market Networks and ESR.