GLP to invest in Everstone’s India logistics JV

IndoSpace plans to leverage GLP’s fund management, development, and operational expertise and customer network to strengthen its position in India. The company has over $2 billion in assets under management and a pipeline of projects totaling about 120 million square feet of industrial and logistic parks across the country.

The size of GLP’s investment in IndoSpace Core has not been disclosed. CPPIB and IndoSpace formed the JV last year to acquire and develop logistics facilities in India. The entity is managed by IndoSpace, with CPPIB, which committed $500 million to the project, holding a majority stake.

Everstone established IndoSpace in 2009 alongside US-based private equity real estate investor Realterm Global, and the JV closed its first fund the same year with $240 million in commitments. IndoSpace Logistics Parks II closed in 2014 at $344 million. Currently it is raising its third fund, which launched last year with a target of $550 million.

GLP, formerly known as Global Logistic Properties, was acquired last year by a consortium including Hillhouse Capital and Hopu Investment at a valuation of S$15.9 billion ($11.5 billion). The company, which was founded in 2002 by former executives from Prologis’ China business, claims to have more than $50 billion of assets under management across real estate and private equity.

Earlier this month GLP teamed with GIC Private to launch a $2 billion logistics fund focused on China, its biggest market.

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• Topics
• South Asia
• Support services
• Infrastructure
• Real estate
• India
• Everstone Capital
• GLP
• CPPIB
• Logistics