ESR Group announced on Tuesday that it had purchased 58 acres of property in Nagpur to develop a logistics park and will spend Rs 400 crore on the project. In a statement, ESR Group said that it has purchased 58 acres of land in Nagpur with a potential for 1.4 million square feet of development.

ESR Nagpur Logistics Park- 2 will help increase the supply of cutting-edge Grade A logistics facilities inside the Gondkhairi-Kalmeshwar logistics cluster thanks to the successful site purchase. Ten buildings with sizes ranging from 67,000 square feet to 1,90,000 square feet are planned for the park to support a variety of tenant demands, including e-commerce, third-party logistics (3PL), retail, and fast-moving consumer goods (FMCG).

"ESR's investment in this new Grade A asset builds upon the remarkable success of our first logistics park in Nagpur," stated Abhijit Malkani, CEO of ESR India. Since its completion in 2020, our flagship 22.5-acre property, ESR Nagpur Logistics Park 1, has been operating at full occupancy thanks to the recruitment of prestigious tenants in the retail and e-commerce sectors.

According to ESR, it is the third-biggest listed real estate investment manager globally and the largest real asset manager in APAC, propelled by the New Economy. Its fully integrated development and investment management platform spans key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand, and Southeast Asia, with a total AUM of about USD 150 billion, according to the statement. It also includes an expanding presence in Europe and the US.