Mumbai, 10th November 2021: ESR, the largest APAC focused industrial and logistics real estate platform, today announced that it has added 44 acres to its existing park in Oragadam and will invest an additional INR 260 crores for construction and development. Located on SH-48, on Oragadam Walajabad road, close to Oragadam junction, ESR Oragadam Industrial & Logistics Park is well-connected by air, road, rail, and ports. This acquisition will help consolidate ESR Oragadam to become an 80-acre park in the heart of Oragadam’s industrial belt.
With the shift in manufacturing centres closer to demand centres, the advent of e-mobility, increase in demand for innovation, Industry 4.0, Tamil Nadu has a diversified industrial profile in the manufacturing and auto sector. Referred as ‘Chennai’s growth corridor’, Oragadam is an existing hub for sectors such as automobile, auto-ancillary, renewable energy, research & development centres, third-party logistics, electronics, aerospace, and defence.
This Park is strategically located on Oragadam Walajabad highway, which is now an eight-lane highway, facilitating the smoother movement of heavy vehicles and improving connectivity to industrial units in the region. This 80-acre park is proposed to be IGBC Gold Rated. The industrial and logistics park will be built to the highest specifications and equipped with best-in-class infrastructure, demonstrating the full scope of ESR's sustainability initiatives and human-centric designs.
In view of this development, Mr Abhijit Malkani, CEO & Country Head of ESR India stated, “We are thrilled to expand our operations in Oragadam, which has emerged as a renowned destination for indigenous as well as global companies wanting to expand their operations in India. Infrastructure development backed by state government’s support has boosted industrial activity in this region, and increased demand for Grade A facilities making it a favourable destination for expansion and consolidation.”
According to a recent survey, Tamil Nadu emerged as the country’s top investment destination in the first quarter of 2020. The southern State accounted for 18.63% of the ₹97,859 crores of investments envisaged to execute 1,241 projects in the country. The diverse economic ecosystem, strategic infrastructure development, excellent port infrastructure and favourable policies make Tamil Nadu a strong contender to attract investments globally.
Once fully operational, the project has the potential to create over 500 jobs in the region.
The momentous increase in the number of Grade-A industrial parks shows that Chennai has become the nodal point for supply chain & logistics in South India. This Park will be integrated with the ‘ESR smart mobile app’ to enhance client experiences and ensure digital park management. ESR India parks are IGBC (Indian Green Building Council) Gold rated, with energy and water-efficient designs to reduce environmental impact and operating costs for clients.
ESR is the largest APAC focused logistics real estate platform by gross floor area (“GFA”) and by value of the assets owned directly and by the funds and investment vehicles it manages with a growing presence in data centres. ESR and the funds and investment vehicles it manages are backed by some of the world’s preeminent investors including APG, CPP Investments, JD.com, Oxford Properties, PGGM and SK Holdings. The ESR platform spans major economies across the APAC region, including China, Japan, South Korea, Singapore, Australia, India, Vietnam, and Indonesia. As of 30 June 2021, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded approximately US$36.3 billion, and GFA of properties completed and under development as well as GFA to be built on land held for future development comprised over 22.6 million sqm in total. Listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2019, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index.