Hong Kong Exchange-listed real estate company ESR Group has acquired 57 acres of land to build a logistics park in the city of Cuttack within the state of Odisha, India, reported PTI via Business Standard.

ESR’s India unit will make an investment of approximately Rs3.6bn ($433m) in this project, which has a total development potential of 1.2 million square feet.

ESR India CEO Abhijit Malkani said: “ESR Cuttack Logistics Park assumes a pivotal role in reshaping the next phase of expansion for e-commerce, retail, and 3PL [third-party logistics] customers.”

He further added that the consistent rise of online and physical retail customers in Odisha has inspired the business to expand in the area and deliver a facility combined with green building characteristics.

ESR Cuttack Logistics Park was originally purchased with one building, which is now rented and occupied by an e-commerce company.

ESR is on schedule to complete the second building of the development. The park is expected to consist of six buildings in its entirety when finished.

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According to the company, the local demand for logistics facilities has increased due to Odisha’s gross state domestic product growth of 7.9% per year on average over the past decade, rising revenue and purchasing power, as well as robust digital penetration.

ESR is claimed to have development work-in-progress worth an overall sum of $13bn, as of the end of June 2023.

A developer and manager of industrial and logistical real estate, ESR India has assets under management worth $1.6bn.

Last month, it began the construction of its Kawanishi distribution and technological park in Japan.

This facility is claimed to be the largest distribution hub project in Japan, with a land area of approximately 505,000m² and an overall gross floor area of more than 750,000m².