Annapolis, December 17, 2018 –
IndoSpace, India’s leading developer of industrial real estate and warehousing facilities, announces that it has held the final close on IndoSpace Logistic Parks III (“ILP III” or the “Fund”), the largest logistics real estate fund ever raised in India. The offering was significantly oversubscribed on the back of strong investor demand.
US$580 million of total equity has been committed to ILP III which, post leverage will create a corpus of approximately US$1.2 billion to develop and acquire industrial and logistics-related real estate investments in India. IndoSpace will use the capital to further strengthen its market leadership position.
In September 2018, GLP established a strategic joint venture with IndoSpace, marking its entry into India. GLP will partner with IndoSpace to develop logistics parks in India as well as co-invest in IndoSpace’s managed investment vehicles.
Ken Code, Co-Founder and CEO of Realterm (Co-Founder of IndoSpace), said, “Our successful fundraise is a testament to the team that we have built and our ability to deliver solutions on behalf of our tenants on a pan-India basis. We greatly appreciate the commitment that our limited partners have made to the fund series and look forward to continuing to grow our dominant market position in India.”
IndoSpace takes total commitment to India to well above US$ 3.2 billion, to build out a pipeline of 120 million square feet of modern logistics infrastructure to support the growth and modernization of India’s supply chain. Demand for logistics facilities in India is driven by favorable government policy, economic expansion and the growth in organized retail and e-commerce. Currently, IndoSpace has a portfolio of around 30 million square feet across developed and under-construction projects. IndoSpace’s portfolio includes 30 industrial and logistics parks in 9 cities, making it the only national network in India.
About IndoSpace IndoSpace (www.indospace.in) is the pioneer and largest provider of modern industrial and logistics real estate in India, managing over US$2 billion in assets management. It is promoted by Realterm (www.realterm.com), Everstone Group (www.everstonecapital.com) and GLP (www.glprop.com). IndoSpace currently has 30 industrial and logistics parks across India with 30 million square feet of developed and under development facilities and continues to develop new facilities to cater to the needs of its clients. Its customers include IKEA, Amazon, Nissan, PepsiCo, DHL, Leoni, Steelcase, Kubota, Ericsson, Bosch and Delphi.