November 07, 2022: ESR, Asia Pacific's largest real estate asset manager, powered by the New Economy, has inked an MoU with the government of Karnataka, envisaging INR 2500 crore investment for setting up Industrial and Logistics Parks, Urban Distribution Centres and Data Centres. It is the one of the most significant investments to be made within a period of 3 years by a new economy real estate developer in India. This initiative will help generate 5500 jobs in Karnataka. The MoU was signed at the Invest Karnataka Global Investors meet in Bengaluru.
Demand for new economy real estate is rising; ESR has considered future-proof opportunities to invest in urban distribution centres, which are multi-storey facilities within city limits to ease in-city distribution and data centres to support India's growing digital economy. In addition, ESR will also invest in developing state-of-the-art Industrial and Logistics Parks to enhance the state's warehousing capacity.
Commenting on the development, Abhijit Malkani, CEO ESR India said, "Karnataka is a significant market for us due to its mature industrial ecosystem. We aim to bring world-class development expertise in industrial and logistics parks, urban distribution centres and data centres to enrich the state's industrial, logistics and data infrastructure. The MoU will accelerate development and attract more investments from multinational and national companies. ESR has committed to a significant investment of INR 2500 crores over a period of 3 years. Our vision is aligned with the Government of Karnataka to champion industrial progress and socio-economic growth in the region."
ESR India is currently present across 9 cities and 16 locations with a total GFA of 18 Mn. Sq. ft. These state-of-the-art facilities will be developed, upholding the best practices for ESG and sustainability.