CPP investments leads IndoSpace fund with investment of $205 million
This particular investment marks the first close of the brand’s fourth development vehicle, IndoSpace Logistics Parks IV (ILP IV), aiming to target a total of equity commitments worth $600 million.
On 30th January 2023, the Canada Pension Plan Investment Board (CPP) made an announcement regarding an investment of $205 million as an anchor investor in the real estate fund of IndoSpace. The company IndoSpace is a leading name in the real estate industry in the country, reported Newswire.
This particular investment marks the first close of the brand’s fourth development vehicle, IndoSpace Logistics Parks IV (ILP IV), aiming to target a total of equity commitments worth $600 million.
Moneycontrol could not independently verify the news.
With this venture being the latest one between the two companies, CPP Investments and IndoSpace established their first venture in 2017, thus currently owning the largest portfolio of stabilized modern logistics assets in India. CPP Investments had also made an investment in ILP III, and post the investment made in ILP IV, the partnership will exceed a total of $1 billion in terms of assets.
ILP IV is aiming to add an additional of 25 to 30 milllion square feet to the IndoSpace portfolio, thus pushing the position of the firm much ahead in the Indian Market. ILP IV’s primary focus will lay on the country’s largest logistical real estate markets, i.e. Ahmedabad, Delhi, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai as well as Pune. ILP IV’ establishment follows on post the first three developmental funds, thus combining together a total of 56 million square feet of modern logistics real estate in the country.
Brian Oravec, Managing Partner and CEO, IndoSpace Capital Asia commented on the occasion. “We are excited to extend our successful partnership with CPP Investments. CPP Investments' commitment to ILP IV is a testament to IndoSpace's leadership in the industrial and logistics real estate space in India. ILP IV will allow us to continue to expand our unique national network to better serve our customers. Industrial and logistics infrastructure is a key enabler of economic growth. To meet India's aim of becoming a US$5 trillion economy by 2025, IndoSpace is excited to continue to be one of India's key infrastructure creators,” he said.
