QIA, Grosvenor Boost IndoSpace India Shed Fund to $393M Second Closing

Indian logistics operator IndoSpace has secured a further $150 million for its fourth improvement fund, with commitments from the Qatar Investment Authority and Grosvenor boosting the automobile to a second closing of $393 million.

The investments in IndoSpace Logistics Parks IV by sovereign wealth fund QIA and Grosvenor, a centuries-old group managed by the Duke of Westminster and his household, will additional the mission of growing state-of-the-art industrial and logistics parks in India’s prime eight markets, the GLP-backed developer and fund supervisor stated Tuesday in a launch.

The newest funding spherical follows ILP IV’s preliminary closing of $243 million, led by a $205 million funding by the Canada Pension Plan Investment Board earlier this 12 months. ILP IV targets $600 million in whole fairness commitments, and the automobile is predicted to add up to 30 million sq. ft (2.8 million sq. metres) to the portfolio of IndoSpace after the primary three improvement funds accounted for a mixed 56 million sq. ft.

“QIA and Grosvenor’s participation in this round reflects the attractive opportunity to develop modern Grade A industrial and logistic parks in the world’s fastest-growing large economy,” stated Mumbai-based IndoSpace, whose backers embody Asian industrial large GLP.

Riding India’s Growth Wave

ILP IV focuses on India’s largest logistics markets: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.

IndoSpace in December 2018 introduced the closing of its $1.2 billion ILP III, simply three months after establishing a strategic three way partnership with GLP to mark the Singapore-headquartered agency’s entry into India.

The IndoSpace Core JV had a mandate to purchase 13 industrial and logistics parks totalling 14 million sq. ft in Chennai, Pune, Mumbai, Delhi and Bangalore, with an choice to purchase a further 11 million sq. ft from IndoSpace funds’ improvement pipeline.

QIA’s funding in ILP IV comes because the $475 billion sovereign fund seems to additional diversify its India portfolio. Most of its current investments in India have been throughout the expertise, media and telecom sector, in addition to in retail enterprise and inexperienced vitality.

“India’s growth trajectory and national focus on innovation aligns with QIA’s investment approach to support companies with high-growth potential and to invest in a broad range of real estate including warehouses, and industrial and logistics parks,” the Qatari fund stated.

Duke Doubles Down

Grosvenor is funding ILP IV through the British group’s Grosvenor Diversified Property Investments enterprise, which goals to double in dimension to £1.5 billion ($1.9 billion) in fairness over the subsequent 5 years.

Established in 2012, GDPI invests in international actual property alongside native companions utilizing Grosvenor’s personal capital. Its Asia Pacific bets embody an funding in Australian industrial platform Gateway Capital alongside Canadian actual property participant Cadillac Fairview.

Among Grosvenor’s previous investments within the area had been the acquisition of a 10-storey buying tower in Tokyo’s Ginza district in 2017 and a dedication to Sydney-based Taronga Ventures’ RealTech Ventures Fund in 2021.