IndoSpace, a leading developer of industrial real estate and warehousing facilities, has closed its third fund, IndoSpace Logistic Parks III (“ILP III”).
With a total equity commitment of $580 million to ILPIII, which, post-leverage will create a corpus of more than $1.2 billion, this fund (ILPIII) has become the country's largest logistics real estate fund ever raised in India.
Leading global institutional investors have invested in ILP III and IndoSpace will use the capital to further strengthen its market leadership position.
Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace), said, “The successful fund raise is a big endorsement of IndoSpace’s leadership in the industrial and logistics real estate space in India. We thank and welcome investors into our fund and look forward to serving our customers with our unique national network and large integrated platform.”
In September 2018, GLP established a strategic joint venture with IndoSpace, marking its entry into India. GLP is partnering IndoSpace in developing logistics parks in India as well as co-investing in IndoSpace’s managed investment vehicles.
Ming Mei, Co-Founder and CEO of GLP, said, “We congratulate the IndoSpace team on its largest ever fund raise, which provides long-term capital to further strengthen our market-leading position and network to better serve customers across India. The successful fund raise of ILP III reflects the confidence institutional investors have in us and we look forward to working closely with IndoSpace to capitalise on the early growth stages of India’s rapidly modernising logistics landscape.”
IndoSpace takes its total commitment to India to well above $3.2 billion, to build a pipeline of 120 million sq ft of modern logistics infrastructure to support the growth and modernisation of India’s supply chain.
The demand for logistics facilities in India is driven by favourable government policy, economic expansion and the growth in organised retail and e-commerce. Currently, IndoSpace has a portfolio of around 30 million square feet across developed and under-construction projects.
IndoSpace’s portfolio includes 30 industrial and logistics parks in nine cities, making it the only national network in India.