ESR and Karnataka govt sign MoU for Rs 2500 crore investment in real estate in the state

  • India Infoline News Service |
  • 10 Nov, 2022 |
  • 8:25 AM

The largest real estate asset manager in Asia Pacific, ESR, and the Karnataka government have signed a memorandum of understanding (MoU) that calls for an investment of Rs2500 crore for the construction of industrial and logistics parks, urban distribution centres, and data centres.

It is among the most important investments that an Indian new economy real estate developer has made in the last three years. 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.

New economy demand for the Real estate is increasing; ESR has thought about future-proof options to invest in data centres to assist India's expanding digital economy and urban distribution centres, which are multi-story buildings inside cities to facilitate in-city distribution.

To increase the state's capacity for warehousing, ESR will also invest in creating cutting-edge Industrial and Logistics Parks.

Currently, ESR India is present in 9 cities and 16 locations, with a total GFA of 18 million square feet. The construction of these cutting-edge facilities will adhere to the best ESG and sustainability norms.

ESR is the third-biggest listed real estate investment manager globally and the largest real asset manager in APAC, with a total asset base under the control of about $140 billion.

Over 95% of the GDP in APAC is represented by the firm's platform for development and investment management, which also includes a growing presence in Europe and the United States. Key APAC markets covered by the platform include China, Japan, South Korea, Australia, Singapore, India, New Zealand, and Southeast Asia.

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