IndoSpace Logistics raises $330 mn fund to build warehouses
IndoSpace closes its second fund called IndoSpace Logistics Parks II at $330 mn, exceeding its target size of $300 mn
Mumbai: IndoSpace Logistics Parks Ltd, which develops industrial real estate and warehouses, on Tuesday said it has closed its second fund called IndoSpace Logistics Parks II (ILP II) at $330 million, exceeding its target size of $300 million.
IndoSpace is a venture of the Everstone Group and Realterm Global.
“The majority of the capital was raised from IndoSpace’s existing investors from Fund I and some new marquee investors. The fund’s investor base consists of leading endowments, foundations, sovereign and pension funds," the company said in a statement.
IndoSpace is developing approximately 32 million sq. ft of large industrial and warehousing facilities in Mumbai, Pune, Bangalore, Chennai, Ahmedabad, Kolkata and the National Capital Region. Its tenants include multinational companies and logistics firms.
“The successful fund-raise is a big endorsement of IndoSpace’s leadership in the industrial real estate space in India and our large and integrated platform," said Brian Oravec, partner and chief executive officer, IndoSpace.
Realterm is a global private equity investment firm and development company focused on industrial real estate and infrastructure assets with approximately $2.5 billion in assets under management in 300 operating and development investments worldwide.
The Everstone Group is an India- and South East Asia-focused private equity and real estate investor with over $2 billion in assets across Singapore, India and Mauritius.
According to experts, most Indian logistics parks are upgraded godowns or modern warehouses but what differentiates a logistics park from a warehouse, they add, is the presence of features such as domestic and foreign trading activities, value-added services such as cold storage, multi-modal transport facilities, inland container depots and container freight stations.
Several business houses, including Reliance Industries Ltd, Tata group, Adani Group and K Raheja Corp., are building logistics parks.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!