ESR Leases 108,000 Sq. Ft. Industrial Space To CUBIC In Chennai
~Robust leasing momentum continues as CUBIC commits to take up its first facility in India at ESR Oragadam Industrial & Logistics Park~
Mumbai, April 19, 2021: ESR, the largest APAC focused industrial and logistics real estate platform, has leased 108,000 sq. ft. prime industrial real estate to CUBIC, a leading international player in the electromechanical industry.
It will be CUBIC’s first manufacturing facility in India, providing products and solutions for a wide range of sectors such as marine, infrastructure, OEM, power, manufacturing, renewable energy, offshore, mining, and data centres across India.
This grade A facility will support CUBIC’s business by allowing more efficient operations and higher handling capacity for developing and manufacturing all types of electrical enclosures and related items. This facility will employ 70 employees upon 100% operations.
Abhijit Malkani & Jai Mirpuri, Country Heads, ESR India stated, “This development firmly demonstrates the continued demand for ESR’s strategically located, state-of-the-art industrial & logistics facilities, and the confidence we have earned among international clients. Chennai has always been one of the key markets in our portfolio with a robust industrial ecosystem. We look forward to bringing more high-quality occupiers to this facility soon. Our global experience along with local execution capabilities enabled us to anticipate the needs of CUBIC and structure solutions that supported their business plan.”
Thomas Bassøe, Head of Asia, CUBIC stated, “CUBIC is excited to set up our production facility at ESR Oragadam Industrial & Logistics Park in Chennai. The location, the quality of the building and the understanding of CUBIC’s needs by the ESR team contributed to a fruitful partnership and a great match for our maiden facility in India.”
Spread across 36 acres, ESR Oragadam is a state-of-the-art industrial & logistics park in the heart of Oragadam’s industrial belt. Oragadam houses over 22 Fortune 500 companies and is an existing hub for sectors such as automobile, auto-ancillary, R&D centres, 3PL's, electronics, energy, aerospace and defence. This facility is developed with global standards keeping sustainability at the forefront. ESR Oragadam has been pre-certified gold by IGBC (Indian Green Building Council).
The development will benefit CUBIC from its prime location, business environment, infrastructure, strong workforce, and connectivity to the world through ports.
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. Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by some of the world’s preeminent investors including APG, SK Holdings, JD.com, CPP Investments, Oxford Properties and PGGM. The ESR platform spans across the People’s Republic of China, Japan, South Korea, Singapore, Australia and India. As of 31 December 2020, 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$30 billion, and GFA of properties completed and under development as well as GFA to be built on land held for future development comprised over 20 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 Hang Seng Composite Index and MSCI Hong Kong Index.
Founded in 1973 and headquartered in Denmark, CUBIC Modul system A/S (“CUBIC”) develops, manufactures, and sells electrical enclosures. www.cubic.eu