GIC, ESR create $ 600 million fund, will invest in India

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New Delhi: Singapore-based sovereign wealth fund GIC and ESR Group Ltd have fashioned a three way partnership to arrange a $600 million (about Rs 5,000 crore) fund to accumulate logistics and industrial property in India.

GIC and ESR on Thursday introduced an 80:20 strategic partnership to create a corpus of $600 million and buy income-generating property. ESR is already constructing varied industrial and logistics parks in main cities of India. This three way partnership between GIC and ESR is an extension of their current partnership in India, which began in 2020.

The three way partnership will put money into steady working property at strategic places in India’s tier I and II cities, a press release stated. Stuart Gibson and Jeffrey Shen, co-founders and co-CEOs of ESR, stated, “Capital accomplice help is important to the expansion of ESR’s new financial actual property platform. We sit up for working carefully with GIC to reap the benefits of the robust development within the logistics sector in India.

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