Hong Kong-based ESR buys 77 acre land in Gurugram to build logistics park
Hong Kong-based real estate platform ESR has said that it has acquired 76.84 acre of land from Mayar Group to develop a logistics park in Gurugram.
The company said the park will come up in Sohna, south Gurugram. The proposed logistics park will be spread over 76.84 acres of land, PTI reported.
With the latest acquisition, ESR has now presence in 14 locations across India.
It is believed that the upcoming logistics park will extend last-mile support for the delivery of national and global businesses in general and e-commerce in particular.
The land was part of Mayar Group’s Keystone Knowledge Park in Gurgaon. In a statement, ESR said the park is the first and premier life science and technology ecosystem in northern India.
ESR is an Asia-Pacific (APAC) focused integrated logistics real estate platform and has presence in China, Japan, South Korea, Singapore, Australia and India. It has been registered on the main board of The Stock Exchange of Hong Kong Ltd since 1 November 2019.
Keystone Knowledge Park (KKP) was inaugurated in 2017 it was envisaged that it would help promote research and development in the area. KKP is one of the signature projects of the Mayar Group.
As of June 2019, the value of the properties under the direct control of ESR and assets under management with respect to fund to fund and investment vehicles stood at USD 20.2 billion, the report added.