IndoSpace is the pioneer industrial real estate developer providing modern logistics parks in India.
Bengaluru, 14 Dec, 2018. RedNewswire/-
Everstone-backed IndoSpace on Friday said it has raised $1.2 billion from investors through its new fund to develop and acquire industrial and logistics parks.It has closed its third fund, IndoSpace Logistic Parks III (“ILP III”).
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 $3.2 billion. It is promoted by Everstone Group, GLP and Realterm.
It has received total equity commitment of $580 million which post-leverage will create a corpus of $1.2 billion.
Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace), said, “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.”
IndoSpace has 30 industrial and logistics parks across India with 30 million sq. ft of developed and under-development facilities. Its customers include IKEA, Amazon, Nissan, PepsiCo, DHL, Leoni, Steelcase, Kubota, Ericsson, Bosch and Delphi. It is promoted by Everstone Group, GLP and Realterm.
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.
Ming Mei, Co-Founder and CEO of GLP, said, “We congratulate the IndoSpace team on its largest ever fund raise, which provides long-term capital to further strengthen our market-leading position and network to better serve customers across India. The successful fund raise of ILP III reflects the confidence institutional investors have in us and we look forward to working closely with IndoSpace to capitalise on the early growth stages of India’s rapidly modernising logistics landscape.”