Logistics and warehousing player IndoSpace, which launched its fourth fund and marked its first close in January, on Tuesday said it has reached a funding milestone after receiving commitments from some institutional investors.
IndoSpace Logistics Parks IV (ILP IV), which marked the first close of the fund at $243 million, after receiving a commitment of about $205 million from Canada Pension Plan Investment Board (CPPIB), marked another close of the fund after raising about $393 million from international limited partners.
For this close, ILP IV, which has a target corpus of about $600 million, has onboarded the Qatar Investment Authority (QIA), and UK-based Grosvenor’s Diversified Property Investments business. These institutional players led the investment exercise for this close.
This logistics fund will likely add about 25-30 million square feet of assets, spanning markets including Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, to IndoSpace’s portfolio. Its portfolio from the three funds has a cumulative area of 58 million square feet of logistics real estate in India, including completed and under development assets.
Prior to this, IndoSpace had partnered with CPPIB in 2017 to form a joint venture IndoSpace Core. With this JV, the cumulative assets of the partnership will likely exceed $1 billion in assets. The Canadian investor was also an LP in the previous fund in the series, ILP III.
For its previous fund, IndoSpace had also received a commitment of $75 million from International Finance Corporation, the private investment arm of the World Bank.