On Wednesday, September 13, ESR Group announced its acquisition of 57 acres of land in Cuttack, Odisha, for the development of a logistics park. The investment for this project amounts to approximately INR 360 Crore.
ESR Group, a prominent asset manager in the Asia Pacific region, stated in a release that it has secured 57 acres of land in Cuttack, with a total development potential of 1.2 Million-SqFt.
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Abhijit Malkani, the CEO of ESR India, expressed that the ESR Cuttack Logistics Park will play a pivotal role in reshaping the next phase of expansion for e-commerce, retail, and 3PL customers. The robust growth of online and retail consumers in Odisha has motivated ESR to expand its presence in the region and provide a top-tier facility with integrated green building features.
ESR acquired the Cuttack Logistics Park with one operational building, which is currently fully leased and occupied by one of India’s largest e-commerce companies. ESR is currently in the process of constructing the second building, and the park is expected to accommodate a total of six buildings.
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