IndoSpace Logistics Parks, a joint private equity investment platform floated by Everstone Capital and American investment group Realterm Global, is looking to invest $1 billion in the country over the next five years, according to a press statement.
With this, the total investment by the India-focused investment firm will rise to $1.75 billion. This additional investment will increase IndoSpace’s development pipeline from 20 million square feet to 50 million square feet.
At present, IndoSpace operates industrial and logistics parks in Pune, the National Capital Region (NCR), Bengaluru and Chennai. It has 17 projects under development across five cities and a total target built-up of 20 million square feet.
Its tenants include leading multinational companies and third-party logistics players such as DHL, P&G, Levi's and L'Oreal.
The company has plans to finance and augment its 17 industrial real estate projects across India to support manufacturing, consumer and third-party logistics (3PL) firms operating in the country’s rapidly growing economy.
“In addition to growth in consumption and ecommerce, we see India’s great manufacturing potential being unlocked by the government’s Make In India programme. This requires world-class industrial and logistics real estate, and as pioneers and leaders in this asset class, we will continue to invest aggressively,” said Rajesh Jaggi, managing partner – Everstone Real Estate, and co-chief executive officer of IndoSpace.
IndoSpace had raised $330 million for its second industrial real estate fund called IndoSpace Logistics Parks II in January 2014.
Realterm is a global private equity investment firm, focusing on industrial real estate and infrastructure assets with over $2.5 billion in assets under management in 300 operating and development investments worldwide.
Everstone is an India and Southeast Asia-focused private equity and real estate investor with over $3.3 billion in assets.