Everstone’s IndoSpace closes India logistics fund at $580m
IndoSpace, a joint venture between Everstone Group and US-based Realterm Global that develops Indian industrial and logistics facilities, has closed its third fund at $580 million.
IndoSpace Logistics Parks III (ILP III) launched last year with a target of $550 million. A total of $1.2 billion is expected to be deployed, including leverage.
Investors in the fund include Singapore-based warehouse developer GLP, which has also backed IndoSpace Core, a joint venture between IndoSpace and the Canada Pension Plan Investment Board (CPPIB). In addition, GLP and Everstone have partnered to invest $500 million in strategies and technologies that can enhance efficiency in warehouse operations and delivery.
Everstone and Realterm established IndoSpace in 2009, and the JV closed its first fund the same year with $240 million in commitments. IndoSpace Logistics Parks II followed, closing in 2014 at $344 million.
Currently IndoSpace manages 30 industrial and logistics parks in nine cities, with 30 million square feet of space operational or under development, and deals with customers including IKEA, Amazon, Nissan, and PepsiCo. The plan is to develop 120 million square feet of modern warehousing and light manufacturing parks.
India’s logistics space is an active center of development as a result of elevated demand for shipping and warehousing capacity from the country’s e-commerce sector. Development of nationwide logistics networks has been further encouraged by government measures like the goods and services tax, which largely eliminates India’s cumbersome network of inter-state tariffs.
A number of domestic and international private equity investors have been active in the sector, including Temasek Holdings and recently formed GP Xponentia Fund Partners. In addition, ESR, a logistics and fund management platform backed by several PE firms, recently partnered with Allianz Group to invest around $1 billion in equity and debt in Indian logistics and industrial facilities.
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