JAKARTA - The Indonesia Investment Authority (INA), ESR Group, and MC Urban Development Indonesia (MCUDI), which are wholly owned by Mitsubishi Corporation and engaged in real estate development, are collaborating to develop modern warehousing in Indonesia.
The cooperation marked by the signing of the transaction document on Friday, May 26, became INA's first investment in the real estate asset class and became MCUDI's first logistics development project.
"We recognize the huge potential of the logistics market, which is driven by strong growth from the e-commerce, 3PL (THird-party logistics), and solid automotive industries in Southeast Asia," said Chairman of the Board of Directors of INA Ridha Wirakusumah in an official statement, quoted from Antara, Monday, May 29.
Currently, warehousing needs in Indonesia reach around 29 million square meters, where modern warehouses only account for about eight percent of the total needs.
The supply of modern warehouses in Indonesia has only reached 2.7 million square meters and is estimated to increase by only 300 thousand square meters per year.
The three warehouses that will be developed by INA, ESR Group, and MCUDI are in Cikarang I Logistics Park, Cikarang II Logistics Park, and Karawang I Logistics Park.
According to Ridha, INA's strategic partnership with ESR and MCUDI is not only aimed at meeting the warehousing needs of the logistics industry that continues to grow, but also reflects INA's commitment to sustainable economic growth.
"By utilizing shared expertise, we are ready to create a significant impact on the warehousing landscape in Indonesia, and contribute to the country's economic progress," he said.
VOIR éGALEMENT:
INA, ESR, and its subsidiaries LOGOS, will deepen their collaboration in Indonesia and predict that this joint initiative has the potential to create modern logistics warehousing with a value of more than US$1 billion in the next five years.
MCUDI President Director Kenji Ono said MCUDI really understands the needs of consumers and their appreciation for efficient and high-quality logistics facilities.
"We hope this development can meet the demand for modern warehousing, and be the answer to the problems experienced by many tenants operating in traditional warehouses," he said.
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