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Industrial and logistics real estate developer IndoSpace has launched its third fund — IndoSpace III — whereby it is planning to garner $550 million.
IndoSpace, a joint venture between PE firm Everstone Group and Realterm, a global industrial real estate leader based in the US, received an immediate commitment of around $300 million for this new fund in the first round close and is expected to make the final close in the next few months. Earlier this year, IndoSpace and Canada Pension Plan Investment Board (CPPIB) created a joint venture, IndoSpace Core, that will focus on acquiring and developing modern logistics facilities in India. CPPIB also made a significant commitment of over $1 billion towards IndoSpace’s assets. IndoSpace, so far, has raised $584 million across two industrial real estate funds; the first fund, IndoSpace Logistics Parks I (ILP I) was raised in 2009 with a corpus of $240 million, and the second fund IndoSpace Logistics Parks II (ILP II) was raised in 2014 with a corpus of $344 million.
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