Temasek, Ascendas-Singbridge to invest in India
Singapore-based firms Temasek and Ascendas-Singbridge will pump in Rs 2,000 crore in Indian logistics and industrial real estate sectors. The investment will be made at different locations across the country through a joint venture - Ascendas-Firstspace - formed last year along with domestic player Firstspace Realty. On their investment radar are warehousing and manufacturing projects across hubs in and around Mumbai, National Capital Region, Pune, Chennai, Bengaluru and Ahmedabad. There is a possibility of including more locations to expand the presence. The Singapore-based players aim to develop a portfolio of 13 to 15 million square feet of space in India. They already have two assets with 1.25 million sq. Ft. of operational space and over 4 million sq ft in development potential. Ascendas-Singbridge, co-owned by Temasek and JTC Corporation through a 51:49 partnership, is into “sustainable urban development and business space solutions” and has launched Ascendas India Logistics Programme.
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