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November 30, 2023

ESR inks pact with Karnataka govt to invest Rs 2,500 crore

The ESR Group intends to spend Rs 2,500 crore in Karnataka to build data centres, urban distribution centres, and industrial and logistics parks. According to a statement from the corporation, it has inked a “MoU (Memorandum of Understanding) with the government of Karnataka, envisaging an investment of Rs 2,500 crore for the establishment of industrial and logistics parks, urban distribution centres, and data centres.”

5.500 new jobs would be created in Karnataka thanks to this programme.

At the Invest Karnataka Global Investors Meet in Bengaluru, the MoU was inked.

With about 1.7 billion dollars in assets under management and more than 18 million square feet of gross floor area, ESR India, a member of the ESR Group, is a major developer and manager of industrial and logistics real estate.

Abhijit Malkani, CEO, ESR India, said: “Karnataka is a significant market for us due to its mature industrial ecosystem. We aim to bring world-class development expertise in industrial and logistics parks, urban distribution centres and data centres to enrich the state’s industrial, logistics and data infrastructure.”

According to him, the deal will quicken development and entice more national and international investment.

According to Malkani, “ESR has committed to a large investment of Rs 2,500 crore over a period of three years.”

There are now 16 places and 9 cities where ESR India is present.

ESR is the largest real asset manager in the Asia-Pacific (APAC) region and the third-largest listed real estate investment manager globally.

ESR’s completely integrated development and investment management platform spans important APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand, and Southeast Asia, with over USD 140 billion in total assets under management.

With a total of USD 45 billion in assets under management, ESR is the largest sponsor and manager of REITs (Real Estate Investment Trusts) in APAC.

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