Post Date : January 10, 2020
GMR Hyderabad Aertropolis Ltd has entered in a joint venture with ESR, a global real estate firm having a base in Hong Kong, to develop a 66-acre Logistics and Industrial Park at Hyderabad Airport with an outlay of Rs 550 Crore.
The two companies are forming a special purpose vehicle and have signed a definitive agreement with an equity cost interest of 70% and 30% respectively in the name of SPV. The SPV is GMR Logistics Parks Private limited.
“This collaboration would set new standards for the warehousing and industrial real estate sector. It would also benefit the burgeoning cargo industry in the region.”– Aman Kapoor, Chief Executive Officer (CEO) – Airport Land Development, GMR Group
ESR is a massive player in the logistics real estate sector and has got backing from Warburg Pincus. The company had established its first logistics and infrastructure park in Pune in November 2018. The company has also tied up with the Future Group to develop two logistics parks with an investment of Rs 300 crore.
“The collaboration (with GMR) reiterates ESR’s strategic mission to strengthen our facilities and key positions across the country. This new facility at Hyderabad Airport is our latest investment to support national and global trade to and from Telangana.”– Abhijit Malkani, Country Head, ESR India
GMR group operates Delhi and Hyderabad airports apart from other infrastructure businesses in India. The group is in stiff competition from the Adani group has been looking to monetise the different non-core assets to reduce its rising debt.