ESR Group on Tuesday announced the procurement of 58 acres of land in Nagpur for the development of a logistics park. The company also revealed its plans to invest INR 400 crore in its construction and expansion.
In a statement, ESR Group revealed its acquisition of a 58-acre parcel of land in Nagpur, with a potential development capacity of 1.4 million square feet. The company has also pledged an investment of INR 400 crore (equivalent to USD 48 million) for the construction and advancement of ESR Nagpur Logistics Park 2, marking its second logistics park in Nagpur and the twentieth such park across the nation.
This strategic land acquisition enables ESR Nagpur Logistics Park-2 to contribute significantly to enhancing the availability of state-of-the-art Grade A logistics facilities within the Gondkhairi-Kalmeshwar logistics cluster.
The logistics park is designed to support up to 10 buildings, with sizes ranging from 67,000 square feet to 190,000 square feet, catering to a wide range of tenant requirements, spanning from e-commerce and third-party logistics (3PL) to retail and fast-moving consumer goods (FMCG).
Abhijit Malkani, CEO of ESR India, said, “ESR’s investment in this new Grade A asset builds upon the remarkable success of our first logistics park in Nagpur. Our flagship 22.5-acre development, ESR Nagpur Logistics Park 1, has been operating at full occupancy since completion in 2020, having attracted high-profile tenants from retail and e-commerce domains”.
“We are building another best-in-class logistics facility that will redefine warehousing standards in the region and cater to the diverse expansion needs of e-commerce, retail, and 3PL services. Our work is focused on driving long-term sustainable growth of the economy and uplifting local communities,” he added.
As of June 30, 2023, ESR’s ongoing development projects amount to a substantial USD 13 billion.
In the first half of 2023, the company achieved an unprecedented milestone by commencing development projects worth USD 3.8 billion and successfully completing projects valued at USD 2.2 billion.
ESR in the Indian market manages a total of approximately USD 1.6 billion in assets under management (AUM).
With a staggering total AUM of around USD 150 billion, ESR’s comprehensive development and investment management platform spans vital APAC markets, encompassing China, Japan, South Korea, Australia, Singapore, India, New Zealand, and Southeast Asia. The company is also rapidly expanding its presence in Europe and the United States, as outlined in their official statement.