Indospace Core raises Rs 1,000 cr from HSBC to finance existing projects

IndoSpace Core, which owns industrial and logistics parks across major cities in the country, on Wednesday said it has raised Rs 1,000 crore from HSBC to fund its existing green projects.

Indospace Core has about 13 million square feet land across 14 industrial and logistics parks in Pune, Chennai, Bengaluru and Delhi-NCR.

The company said it has closed Rs 1,000 crore green loan facility provided by The Hongkong and Shanghai Banking Corporation Limited (HSBC).

"Proceeds from the debut green loan will be used towards the financing or refinancing of certified green projects. The green buildings have also achieved EDGE green building certification developed by the IFC, a member of the World Bank Group," it said.

IndoSpace Core is a joint venture between Everstone-backed warehousing and logistics specialist IndoSpace, Canada Pension Plan Investment Board (CPPIB), and global investment and fund manager GLP.

IndoSpace has taken total commitment to India to above USD 3.2 billion, with a current portfolio comprising over 36 million square feet property. It is promoted by Everstone group, GLP and Realterm.

Rajesh Jaggi, Vice Chairman Real Estate, Everstone Group, said the HSBC brings significant added value and expertise to the overall capital structure.

"This deal is first of its kind in the organised warehousing space in India and it reinforces IndoSpace as a leader in this segment," he added.

Sunil M Shah, Managing Director, Head of Multinationals, South Asia, HSBC said, We are delighted to have advised IndoSpace Core on the establishment of their Green Finance Framework, and to have supported their inaugural green loan transaction."