Indospace raises USD 1.2 bn to develop, buy logistic parks

Everstone-backed IndoSpace Friday said it has raised USD 1.2 billion from investors through its new fund to develop and acquire industrial and logistics parks.

IndoSpace is one of the largest provider of modern industrial and logistics real estate in India and has taken total commitment to India to above USD 3.2 billion. It is promoted by Everstone Group, GLP and Realterm.

IndoSpace said in a statement that it held the final close on IndoSpace Logistic Parks III (ILP III) and the offering was significantly oversubscribed on the back of strong investor demand.

"USD 580 million of total equity has been committed to ILP III which, post leverage will create a corpus of more than USD 1.2 billion to develop and acquire industrial and logistics-related real estate investments in India," it added.

IndoSpace would utilise the fund 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 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," said Sameer Sain, Co-Founder and CEO of the Everstone Group.

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. It plans to build 120 million sq ft of modern logistics infrastructure.

Everstone Group is India and South East Asia focused private equity and real estate firm. GLP is the leading global provider of modern logistics facilities and technology-led solutions. Realterm is a multi-strategy private equity real estate operator in North America.