Mumbai-based industrial real estate developer IndoSpace has appointed Aditya Sikri, the former CEO of retail and commercial segments of Bangalore-based Mantri Developers, as its president, the company said.
Sikri, an 18-year veteran of the real estate industry with experience across India and overseas markets, had joined Mantri in 2013 after a successful stint in The Xander Group’s Virtuous Retail.
“We are excited to welcome Aditya to the IndoSpace family. He is joining at a time when IndoSpace, as a market leader, continues to design and build best-in-class industrial real estate facilities that cater to the complete infrastructure requirements of our expanding list of clients,” said Rajesh Jaggi, managing partner, Everstone and IndoSpace Real Estate.
IndoSpace is a joint venture between US-based Realterm Global and private equity firm Everstone Group.
The development comes close on the heels of Canadian Pension Plan Investment Board’s decision to invest $1.2 billion (Rs 7,700 crore) in a joint venture with IndoSpace.
According to the agreement, CPPIB had initially committed about $500 million to the joint venture, IndoSpace Core, for a significant majority stake.
“I look forward to assisting IndoSpace to continue growing and maintaining its leadership position, and hope to bring my years of experience and expertise to bear,” said Sikri.
IndoSpace has a portfolio of 28 logistics and industrial parks, including projects under various stages of development, across the country.
