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Ascendas-Singbridge JV to invest 20B rupees in India under logistics program

Ascendas-Singbridge Pte. Ltd. plans to invest 20 billion rupees in logistics and industrial real estate projects in India through the Ascendas India Logistics Programme, with Singapore state-owned Temasek Holdings Pvt. Ltd. as a principal investor.

The new venture comes after Singapore-based Ascendas-Singbridge launched the Ascendas-Firstspace joint venture with Indian industrial real estate company in Firstspace Realty in 2017, to deliver logistics and industrial facilities across major warehousing and manufacturing hubs in the country.

The new program is targeting to develop a portfolio of between 13 million square feet to 15 million square feet, with the projects to be located in Mumbai, National Capital Region, Pune, Chennai, Bangalore and Ahmedabad, among other sites.

So far, it has two seed assets with 1.25 million square feet of operational space and a development potential of over 4 million square feet, according to a release.

As of June 5, US$1 was equivalent to 67.13 rupees.