Indonesia鈥檚 sovereign wealth fund, the Indonesia Investment Authority (INA), has joined ESR Group and Mitsubishi Corporation鈥檚 subsidiary MC Urban Development Indonesia (MCUDI), to develop and own US$1bn (鈧�933m) worth of logistics assets in Indonesia over five years.
The partners are committed initially to acquiring three assets in Cikarang and Karawang industrial and business hubs on the island of Java, the country鈥檚 largest and most densely-populated island.
Ridha Wirakusumah, CEO of INA, said: 鈥淥ur strategic partnership with ESR and MCUDI aims to meet the evolving needs of the logistics industry and reflects INA鈥檚 commitment to sustainable development and economic growth.
鈥淏y harnessing our collective expertise, we are poised to create a significant impact on Indonesia鈥檚 warehousing landscape and to contribute to the country鈥檚 economic progression.鈥�
Kenji Ono, MCUDI鈥檚 president director, said Mitsubishi Corporation group first entered the Indonesian real estate market in 2015.
鈥淲ith the extensive presence of Mitsubishi Corporation group companies in Indonesia 鈥� a key market for the company in Southeast Asia 鈥� MCUDI understands customers鈥� needs very well and their appreciation for efficient, high-quality logistics facilities.鈥�
Stuart Gibson, ESR Group co-founder and co-CEO, said the strategic partnership would accelerate ESR鈥檚 market reach in Indonesia, bringing together the Group鈥檚 best-in-class expertise in development, asset management and fund management, as well as INA鈥檚 and MCUDI鈥檚 network of customers ecosystem.
Loh Meow Chong, ESR鈥檚 country co-head of Indonesia, added: 鈥淥ur partnership with INA and MCUDI marks the start of ESR鈥檚 fund and investment management business in Indonesia.鈥�
To read the latest edition of the latest 91传媒在线 magazine click here.
