Qatar Investment Authority and Grosvenor’s Diversified Property Investments have led a $150-million (Rs 1,230-crore) investment in the second round of fund raising by logistics investor and developer IndoSpace for its IndoSpace Logistics Parks IV (ILP IV).
Following the initial close of $243 million, this second round of funding increases the fund size to $393 million, IndoSpace said on Tuesday.
ILP IV will add an additional 25-30 million sq ft to the IndoSpace portfolio. ILP IV will focus on the country’s largest logistics markets like Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
The establishment of ILP IV follows on from the first three development funds, which have a combined total of 58 million sq ft of modern logistics real estate in India completed and under development, it said.
“QIA and Grosvenor’s participation in this round reflects the attractive opportunity to develop modern grade A industrial and logistic parks in the world’s fastest growing economy. The funds raised in this round will continue to advance IndoSpace’s mission of developing state-of-the-art industrial and logistics parks across the top 8 markets in India,” it said.
In January this year, Canada Pension Plan Investment Board (CPPIB) invested over $205 million or over Rs 1,674 crore as an anchor investor in a new real estate fund of IndoSpace.
It marked the first close for IndoSpace Logistics Parks IV, the company’s fourth development vehicle, targeting $600 million or Rs 4,900 crore of total equity commitments.
