IndoSpace, one of India’s leading developer of industrial real estate and warehousing facilities, announced today that it held the final close on IndoSpace Logistic Parks III (“ILP III” or the “Fund”), the largest logistics real estate fund ever raised in India. The offering was significantly oversubscribed on the back of strong investor demand.
US$ 580 million of total equity has been committed to ILP III which, post leverage will create a corpus of more than US$1.2 billion to develop and acquire industrial and logistics-related real estate investments in India. IndoSpace will use the capital to further strengthen its market leadership position.
Leading global institutional investors have invested in ILP III. In September 2018, GLP established a strategic joint venture with IndoSpace, marking its entry into India. GLP will partner with IndoSpace to develop logistics parks in India as well as co-invest in IndoSpace’s managed investment vehicles.
“The successful fundraise is a big endorsement of IndoSpace’s leadership in the industrial and logistics real estate space in India. We thank and welcome investors into our fund and look forward to serving our customers with our unique national network and large integrated platform,” said Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace).
“We congratulate the IndoSpace team on its largest-ever fundraise, which provides long-term capital to further strengthen our market-leading position and network to better serve customers across India. The successful fundraise of ILP III reflects the confidence institutional investors have in us and we look forward to working closely with IndoSpace to capitalize on the early growth stages of India’s rapidly modernizing logistics landscape,” said Ming Mei, Co-Founder, and CEO of GLP.
IndoSpace takes total commitment to India to well above US$ 3.2 billion, to build out a pipeline of 120 million square feet of modern logistics infrastructure to support the growth and modernization of India’s supply chain. Demand for logistics facilities in India is driven by favourable government policy, economic expansion and the growth in organized 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 9 cities, making it the only national network in India.
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