Ascendas-Singbridge and Temasek co-invest $400m in Indian industrial assets

They launched a programme that aims to buy 15 million sqft of space.

Ascendas-Singbridge launched its Ascendas India Logistics Programme, where Temasek is a principal investor. Together, the two have invested $400m in logistics and industrial real estate in key locations in India.

According to an announcement, the capital injection followed the formation of Ascendas-Firstspace, a joint venture between Ascendas-Singbridge and Firstspace Realty, that aims to deliver logistics and industrial facilities across major warehousing and manufacturing hubs in India.

The programme will invest in projects in key warehousing and manufacturing hubs in Mumbai, National Capital Region, Pune, Chennai, Bangalore, and Ahmedabad, amongst others.

It targets to develop a portfolio of 13 to 15 million sqft of space. To date, it has two seed assets with 1.25 million sqft of operational space and over 4 million sqft in development potential.