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Logistics & warehousing investor IndoSpace creates $1.2 bn corpus for latest fund
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Mumbai-based industrial real estate investor IndoSpace Logistics Parks has hit the final close of its third fund at $1.2 billion (Rs 8,611 crore at current exchange rates), the company said in a statement.

The third fund, IndoSpace Logistic Parks III, has received total equity commitment of $580 million (Rs 4,162 crore at current exchange rates), which post-leverage will create a corpus of $1.2 billion.

The fund was significantly oversubscribed on the back of strong investor demand, the company said.

In October, International Finance Corporation, the private-sector investment arm of the World Bank, had proposed to invest $25 million in the fund.

The fund had marked the first close at $300 million in November 2016.

IndoSpace is jointly owned by homegrown private equity investor Everstone Capital and Realterm Global. Realterm, which has presence across North America, Europe and India, manages about $2.5 billion across 300 properties.

“The successful fundraise is a big endorsement of IndoSpace’s leadership in the industrial and logistics real estate space in India,” said Sameer Sain, co-founder and chief executive of the Everstone Group.

With this fundraise, IndoSpace has over $3.2 billion worth of assets under management.

The company had raised money for two funds in the past. 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 September, IndoSpace had entered into a partnership with Singapore-headquartered logistics facilities provider GLP.

GLP will partner IndoSpace to develop logistics parks in India as well as co-invest in the Mumbai-based firm’s managed investment vehicles.

In 2017, Canada Pension Plan Investment Board (CPPIB) and IndoSpace formed a joint venture called IndoSpace Core to acquire and develop logistics facilities in India. CPPIB initially committed about $500 million to IndoSpace Core for a significant majority stake.

Currently, IndoSpace has a portfolio of around 30 million square feet across developed and under-construction projects. Its portfolio includes 30 industrial and logistics parks in nine cities across India. Its customers include IKEA, Amazon, Nissan, PepsiCo, DHL, Ericsson, Bosch and Delphi.

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