CPPIB, IndoSpace in $1.3-bn deal

Two entities will set up a JV called IndoSpace Core to develop logistics facilities in the country

In the largest private equity deal in the logistics space, the Canadian pension fund manager Canada Pension Plan Investment Board (CPPIB) and IndoSpace, promoted by PE firm Everstone and US-based Realterm, have entered into a three-step deal which would entail an investment of $1.3 billion (Rs 8,320 crore), most of which will come from the CPPIB.

The two entities will set up a joint venture called IndoSpace Core to develop logistics facilities in the country. In the joint venture, the CPPIB will invest $500 million (Rs 3,200 crore) and get a majority stake.

As part of the deal, IndoSpace Core has the