SINGAPORE: June 06, 2018. Business real estate developer Ascendas-Singbridge and Singapore’s Temasek investment company have committed S$400 million to invest in logistics and industrial real estate in in India.

The move follows a joint venture between Ascendas and Firstspace Realty to provide logistics and industrial facilities in key warehousing and manufacturing hubs in Mumbai, National Capital Region, Pune, Chennai, Bangalore and Ahmedabad.

“We welcome Temasek’s support and investment in the Programme, which will leverage Ascendas-Firstspace’s global customer base and local execution capabilities to meet the needs of the future economy,” said chief investment officer Ms. He Jihong.

Ascendas has also launched an industrial real estate development platform that is expected to meet growing demand from 3PLs, e-commerce, automobiles, FMCG, modern retail and engineering.

“The positive momentum of the sector, underpinned by the Indian government’s ‘Make in India’ vision as well as healthy consumption trends, present opportunities for us to further invest in India’s continued growth,” added Temasek managing director India Promeet Ghosh.

“This new venture will help address the growing demand for quality logistics and industrial space, and provide companies with the support they need to scale and succeed in India,” he continued.