Ascendas-Singbridge, Temasek in $398m tie-up

Ascendas-Singbridge has over 14.5 million sq ft of assets under management in India valued at about $2.5 billion. Its portfolio includes International Tech Park Bangalore (above), International Tech Park Chennai and CyberVale in Chennai.
Ascendas-Singbridge has over 14.5 million sq ft of assets under management in India valued at about $2.5 billion. Its portfolio includes International Tech Park Bangalore (above), International Tech Park Chennai and CyberVale in Chennai.PHOTO: ASCENDAS-SINGBRIDGE

They will invest in warehouse, manufacturing hubs in key Indian cities, to meet demand

Property firm Ascendas-Singbridge and Temasek Holdings will invest about 20 billion rupees (S$398 million) in warehouse and manufacturing hubs in key Indian cities, they announced yesterday.

The initiative to invest in such cities as Mumbai, Pune, Chennai, Bangalore and Ahmedabad comes under the Ascendas India Logistics Programme.

It will be carried out by Ascendas-Firstspace, a 2017 joint venture between Ascendas-Singbridge and Indian industrial real estate specialist Firstspace Realty.

The programme aims to develop a portfolio of 13 million to 15 million sq ft of space.

Ascendas-Singbridge said in a statement that it already has two seed assets with 1.25 million sq ft of operational space and over four million sq ft in development potential.

"We view the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies," noted Mr Promeet Ghosh, Temasek's managing director for India.

"The positive momentum of the sector, underpinned by the Indian government's Make in India vision as well as healthy consumption trends, presents opportunities for us to further invest in India's continued growth."

In India, Ascendas-Singbridge specialises in IT parks, industrial and logistics parks and integrated developments.

He added that the partnership with Ascendas-Singbridge 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".

Ascendas-Singbridge's group chief investment officer, Ms He Jihong, noted that India's strong domestic consumption trends mean investments in high-quality logistics and industrial facilities are "necessary to support India's economic growth in the years to come".

"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," she added.

In India, Ascendas-Singbridge specialises in IT parks, industrial and logistics parks and integrated developments.

SECTOR'S POTENTIAL

We view the logistics and industrial sector as a good proxy to growing middle-income populations and transforming economies. 

MR PROMEET GHOSH, Temasek's managing director for India.

It has over 14.5 million sq ft of assets under management in the country valued at about $2.5 billion.

The portfolio includes International Tech Park Bangalore, International Tech Park Chennai and CyberVale in Chennai.

  • 13-15 MILLION

    Square feet of space that the Ascendas India Logistics Programme aims to develop for its portfolio. 

  •  1.25 MILLION 

    What Ascendas-Singbridge says it already has in square footage as operational space in two seed assets, with over four million sq ft in development potential. 

A version of this article appeared in the print edition of The Straits Times on June 07, 2018, with the headline 'Ascendas-Singbridge, Temasek in $398m tie-up'. Print Edition | Subscribe