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The Canadian pension fund, Canada Pension Plan Investment Board (CPPIB) has agreed to form a joint venture with an initial investment of $500 million with IndoSpace, one of India’s prominent warehousing companies and owned by private equity fund Everstone Group.
One of the world’s largest asset managers, CPPIB will hold a “significant majority stake” in the joint venture called IndoSpace Core which will focus on acquiring and developing modern logistics facilities in India. IndoSpace Capital Asia will manage the new entity.
As part of the JV, IndoSpace Core has committed to acquire 13 well-located industrial and logistics parks totalling about 14 million square feet, from current IndoSpace development funds.
The first nine facilities of around nine million square feet will be acquired at the closing of the transaction, and the additional facilities within 24 months, a statement from CPPIB said.
IndoSpace Core also has the option to acquire additional industrial and logistics parks totalling around 11 million square feet, which are currently being developed by IndoSpace funds.