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Logos Group, Assetz jointly float $400 mn logistics fund

08 August, 2017

Real estate developer Logos Group has set up a joint venture with Singapore-based Assetz Property Group to invest $400 million in Indian logistics and warehouses, media reports said.

Logos will invest $400 million in equity capital to set up the platform, named Logos India, to focus on the logistics hubs of Mumbai, Pune, Chennai, Delhi-NCR, Bangalore, Hyderabad and Ahmedabad, a report in The Times of India said.

For Assetz, this would be the second transaction in the Indian real estate market in recent years. In May 2016, it had acquired a stake in Avenue Venture Partners, a Mumbai-based real estate private equity firm, to enter the fund management business.

Other shareholders in the joint venture include Canada’s Ivanhoé Cambridge and Macquarie Corporate Holdings, who are shareholders in the parent entity Logos.

Logos currently has operations in Australia, China and Southeast Asia. The Indian operations will be led by Mehul Shah, a Mint report said.

Macquarie Capital acted as financial adviser to Logos on the formation of Logos India.

In recent times, several investors have formed investment platforms for the logistics and real estate space.

In June, Singapore-based office space solutions provider Ascendas-Singbridge Group partnered local developer Firstspace Realty LLP to build logistics and industrial facilities across major warehousing and manufacturing hubs in India.

Other deals in the space include industrial realty-focused firm Indospace’s partnership with Canada Pension Plan Investment Board to acquire and develop logistics facilities in the country.

In 2015, global private equity firm Warburg Pincus forged a partnership with Embassy Group to build industrial parks and warehouses in the country.

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Logos Group, Assetz jointly float $400 mn logistics fund

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