ESR, a leading Asia Pacific-focused logistics real estate platform, on Tuesday said it will develop industrial and logistic facility at Chakan near Pune with an investment of Rs 330 crore. This park is ESR’s second development in Chakan. The total investment for this park, spread over 38 acres, is Rs 330 crore. This facility will serve as the hub for light manufacturing and logistics operations in the western region of the country, the company said in a statement. Of the 38 acres, 26 acres is already leased and will be delivered by May 2021, it added.
The facility will be surrounded by some of the largest auto manufacturing industries of the country. Chakan is known as the ‘industrial hub of India’ and is one of the most prominent industrial clusters for engineering, automobile, electronics, FMCG and logistics corporations. ESR is the largest APAC focused logistics real estate platform by gross floor area (GFA) and by value of the assets owned directly and by the funds and investment vehicles it manages. Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by investors including APG, SK Holdings, JD.com, CPP Investments, Oxford Properties and PGGM.
The ESR platform spans across the People’s Republic of China, Japan, South Korea, Singapore, Australia and India. s of 30 June 2020, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded about USD 26.5 billion. ESR has been listed on the main board of the Stock Exchange of Hong Kong Ltd since November 2019.