By Suhrid Ghosh: – Asia’s leading sustainable urban development and business space solutions provider Ascendas-Singbridge Group (“Ascendas-Singbridge”) is partnering Indian industrial real estate specialist Firstspace Realty (“Firstspace”) to deliver state-of-the-art logistics and industrial facilities across major warehousing and manufacturing hubs in India.
The Ascendas-Firstspace platform is a joint venture formed by Ascendas-Singbridge and Firstspace to meet infrastructure needs of businesses tapping into high-growth industrial verticals such as third party logistics, e-commerce, automobiles, fast-moving consumer goods, modern retail and manufacturing in India.
By combining Firstspace’s local knowledge, networks and execution capabilities, with Ascendas-Singbridge’s international best practices, governance standards and track record Ascendas-Firstspace plans to build and manage a network of logistics and industrial parks across key nodes in the country.
Mr Miguel Ko, Ascendas-Singbridge Group Chief Executive Officer, said: “We have been in India for over two decades, developing iconic business and IT Parks. We are a trusted brand with renowned operational capabilities and loyal client base. Entering the industrial and logistics sector is a natural progression, and we expect to meet the growing demand for quality manufacturing and logistics space. We have assembled an entrepreneurial team to lead the way, who will be supported by our experienced India and global operations.”
Mr Aloke Bhuniya, Ascendas-Firstspace Chief Executive Officer, said: “We are excited about opportunities in the industrial and logistics infrastructure space, which are expected to increase exponentially due to structural changes in market place, growth of consumption and increase in share of manufacturing in India’s GDP. The sector, which is still evolving, will see consolidation and improvements in quality, transparency and corporate governance due to flows of institutional capital into the sector”.
Ascendas-Singbridge is an established brand with operational capabilities across the real estate value chain and has significant experience in operating and developing industrial real estate across major global markets. It currently owns and manages over 30 million sq ft of industrial space across Asia Pacific.
Founded by pioneers in modern manufacturing and warehousing facilities in India, Firstspace specialises in the development and management of local industrial real estate. Its founding partner Mr Bhuniya is a logistics real estate industry expert with deep industry networks and local expertise. Prior to setting up Firstspace, he was Managing Director of IndoSpace Capital Advisors, India’s first institutional industrial real estate developer.
The Ascendas-Firstspace joint venture will invest in projects aimed at the development of logistics and factory spaces in Mumbai, National Capital Region (NCR), Pune, Chennai, Bangalore and Ahmedabad, and top warehousing and manufacturing hubs in India. Over the next five to six years, it aims to develop close to 15 million sq ft of space, and will be managed by Ascendas-Firstspace.