MUMBAI: Singaporean sovereign wealth fund GIC on Tuesday announced a USD 750 million joint venture with the Hong Kong headquartered ESR Cayman, which will develop and acquire industrial and logistics assets in India.

GIC will be owning 80 percent stake in the joint venture, while ESR will own the remaining 20 percent, an official statement said, adding the platform will focus on tier-I and tier-II cities across India where it will develop and own institutional-grade, industrial and logistics facilities. It will be 'seeded' with a 2.2 million sq ft build-tocore asset, located in close proximity to the large consumption hubs of Mumbai and Thane, the Singapore fund added.

GIC's chief investment officer for real estate, Lee Kok Sun, said ESR is an integrated logistics platform and added that the Singaporean fund has been investing in India for more than a decade. "...this investment is a testament to our confidence in the long-term potential.

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