CUBIC Leases Space In ESR’s Centre For First Indian Manufacturing Facility
ESR said it has leased 108,000 sq. ft. industrial real estate at its Chennai industrial park to CUBIC, a firm in the electromechanical industry. This will be CUBIC’s first manufacturing facility in India, that will provide products and solutions for a range of sectors such as marine, infrastructure, OEM, power, manufacturing, renewable energy, offshore, mining and data centres. ESR Oragadam is a 36-acre industrial and logistics park. Oragadam houses over 22 Fortune 500 companies and is a hub for automobile, auto-ancillary, third-party logistics, electronics, energy, aerospace and defence firms. Thomas Bassøe, Head of Asia, CUBIC said, “CUBIC is excited to set up our production facility at ESR Oragadam Industrial & Logistics Park in Chennai. The location, the quality of the building and the understanding of CUBIC’s needs by the ESR team contributed to a fruitful partnership and a great match for our maiden facility in India." In December, Singapore’s sovereign wealth fund GIC Pte Ltd and ESR Cayman Ltd formed a joint venture (JV) to develop and buy industrial and logistics assets worth $750 million in India, where a booming online retail industry has stoked demand for warehouses. The venture will be owned 80% by GIC and the rest by ESR Cayman, a joint statement said. It will seek to build and own industrial and logistics facilities as well as acquire core or operational assets, focusing on tier-I and tier-II cities. The transaction is subject to regulatory approvals.
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