ESR Oragadam is a 36-acre industrial and logistics park. Oragadam houses over 22 Fortune 500 companies and is a hub for automobile, auto-ancillary, third-party logistics, electronics, energy, aerospace and defence firms
BENGALURU: Asia Pacific-focused logistics real estate firm ESR on Monday said it has leased 108,000 sq. ft. industrial real estate at its Chennai industrial park to CUBIC, a firm in the electromechanical industry.
This will be CUBIC’s first manufacturing facility in India, that will provide products and solutions for a range of sectors such as marine, infrastructure, OEM, power, manufacturing, renewable energy, offshore, mining and data centres.
The facility will employ 70 employees when fully operational.
“…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," Abhijit Malkani and Jai Mirpuri, country heads, ESR India said in a statement.
ESR Oragadam is a 36-acre industrial and logistics park. Oragadam houses over 22 Fortune 500 companies and is a hub for automobile, auto-ancillary, third-party logistics, electronics, energy, aerospace and defence firms.
Thomas Bassøe, Head of Asia, CUBIC said, “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."
In December, Singapore’s sovereign wealth fund GIC Pte Ltd and ESR Cayman Ltd formed a joint venture (JV) to develop and buy industrial and logistics assets worth $750 million in India, where a booming online retail industry has stoked demand for warehouses.
The venture will be owned 80% by GIC and the rest by ESR Cayman, a joint statement said. It will seek to build and own industrial and logistics facilities as well as acquire core or operational assets, focusing on tier-I and tier-II cities. The transaction is subject to regulatory approvals.