Mumbai-based industrial real estate investor-cum-developer Indospace is looking to expand its presence across India with the launch of five new mega industrial parks.
The company said it will launch one project in Narasapura near Bengaluru, one each in Badli and Bhaproda in Delhi-NCR; and two parks at Khopoli near Mumbai.
IndoSpace is a joint venture between private equity firm Everstone Capital and US-based industrial real estate developer Realterm Group.
According to the company, the five new projects, along with the Ranjangaon Park in Pune, will offer an additional 10 million sq ft of leasable space to cater to the rising demand for world-class, Grade A warehousing, logistics and light manufacturing facilities across sectors.
Its already has a portfolio of 28 logistics and industrial parks, comprising both operational units and under-construction projects, spread across 30 million sq ft.
“This significant expansion highlights IndoSpace’s focus on supporting growth in India’s logistics and light manufacturing sector,” said Rajesh Jaggi, managing partner-real estate, Everstone Group, adding that the government’s move to grant infrastructure status to the logistics sector further strengthens the PE firm’s positive outlook for the company. “This would also help the entire sector access infrastructure lending at competitive rates.”
Last month, IndoSpace had hit the first close of its third fund at $300 million (Rs 1,940 crore). It has a target to raise $550 million for the fund.
The company has so far mobilised $584 million across two industrial real estate funds. IndoSpace Logistics Parks I was raised in 2009 with a corpus of $240 million and IndoSpace Logistics Parks II was raised in 2014 with a corpus of $344 million.
In May, IndoSpace and Canada Pension Plan Investment Board had formed a joint venture – IndoSpace Core – with the pension fund committing $1.2 billion. The venture will focus on acquiring and developing logistics facilities in India.