INA, ESR Group and MC Urban Development Indonesia to form a joint venture.

Indonesia Investment Authority, the sovereign wealth fund of Indonesia, ESR Group, a real asset manager, and MC Urban Development Indonesia, a real estate developer, agreed to form a joint venture. Financial terms were not disclosed. "Today marks a significant milestone for INA as we venture into the real estate asset class with a strong focus on Indonesia's modern warehouse facilities. We recognize the immense potential of the logistics market, spurred by the robust growth of the e-commerce, 3PL, and automotive industries in our region. Our strategic partnership with ESR and MCUDI not only aims to meet the evolving needs of the logistics industry but also reflects INA's commitment to sustainable development and economic growth. By harnessing our collective expertise, we are poised to create a significant impact on Indonesia's warehousing landscape and contribute to the country's economic progression," Ridha Wirakusumah, INA CEO.