Real estate firm IndoSpace has secured an investment of $205 million led by Canada Pension Plan Investment Board (CCP Investments) for its fourth fund. The investment marks the first close for IndoSpace Logistics Parks IV (ILP IV) as the company targets $600 million of total equity commitments.
This is the latest venture between CCP Investments and IndoSpace. The first joint venture, IndoSpace Core, was established in 2017 and now owns the largest portfolio of stabilised modern logistics assets in India. CCP Investments has also invested in ILP III. Following the investment in ILP IV, the partnership will exceed $1 billion in assets.
IndoSpace is the investor, developer, and operator of grade-A industrial and logistics real estate in India. ILP IV will add an additional 25-30 million square feet to the IndoSpace portfolio. It will focus on India’s largest logistics real estate markets like Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune.
The establishment of ILP IV follows the first three development funds, which have a combined total of 56 million square feet of modern logistics real estate in India.
IndoSpace claims to have the largest national network of 50 logistics parks with 56 million square feet delivered and under development across 10 cities. Besides global companies, it also works with Indian startups such as Byju’s, Bigbasket, Jumbotail, Flipkart and Delhivery.
Source @Entrackr
