The real estate arm of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s largest pension funds, has agreed to divest its stake in three warehousing assets in India.
The real estate investor, Ivanhoé Cambridge, is selling its stake in the warehousing assets to Mumbai-based partner Macrotech Developers Ltd.
Lodha Group company Macrotech, Ivanhoé and US-based private equity firm Bain Capital had formed a joint venture platform in 2022 to develop warehouses and industrial parks in India. The platform was to invest $1 billion to build its portfolio. Each of the three partners were to own about a 33% stake in the assets to be housed under the platform.
The real estate platform’s launch in 2022 was part of Ivanhoé Cambridge’s plan to expand its India logistics portfolio. Ivanhoé is now exiting Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd for a cumulative Rs 239.56 crore, or about $28.67 million.
Macrotech said it is buying the Canadian investor’s 10% stake in Bellissimo Digital for Rs 14.8 crore, its 33.33% stake in Palava Induslogic 4 for Rs 142.5 crore and its 33.33% stake in Bellissimo In City FC Mumbai 1 for Rs 82.3 crore. It is not clear how Ivanhoé’s stake diluted to 10% in Bellissimo Digital. Following the transaction, Macrotech will hold a nearly 70% stake in each of these assets while Bain Capital will hold the rest.
Of the three entities, only one of them, Bellissimo Digital Infrastructure Development Management, is currently income-generating. For 2023-24, the company, which provides development management services, asset management services, property acquisition and management services, generated Rs 55.5 crore in revenue.
Ivanhoé globally holds ownership interests in 1,500 buildings, primarily in the industrial and logistics, office, residential and retail sectors. It held C$77 billion in real estate assets as of December 31, 2023, according to its website.
