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Industrial real estate investor IndoSpace hits first close of third fund

01 November, 2017

Mumbai-based industrial real estate investor IndoSpace has marked the first close of its third fund at $300 million (about Rs 1,940 crore), it said in a statement.

The fund has a target corpus of $550 million and is likely to achieve final close in a few months’ time, Indospace said.

The company, which is a joint venture between private equity firm Everstone Capital and US-based Realterm Group, said the fund will invest in logistics and warehousing assets across India.

It said that strong fundamentals such as improved infrastructure and regulatory reform are a shot in the arm for the warehousing and logistics industry in India. It added that it is ready to meet the growing demand for modern warehousing and light manufacturing space and logistics parks.

IndoSpace 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.

Earlier this year, IndoSpace and Canada Pension Plan Investment Board (CPPIB) formed a joint venture—IndoSpace Core—with the pension fund committing as much as $1.2 billion. The venture will focus on acquiring and developing logistics facilities in India.

IndoSpace’s portfolio includes 28 logistics and industrial parks across the country. These include developed parks as well as parks under various stages of development.

The company recently hired Aditya Sikri, the former CEO of retail and commercial segments at Bangalore’s Mantri Developers, as its president.

Apart from Indospace, a few other companies are also investing in or developing industrial and logistics parks in the country. For instance, South Korea’s Mirae Asset Global Investments Co. Ltd recently entered the Indian real estate market to buy leased-out commercial assets, warehousing and hospitality projects across the top cities of India.

South India-based developer Assetz Property is raising a fund dedicated to the segment under its alternative asset management platform.

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Industrial real estate investor IndoSpace hits first close of third fund

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