MUMBAI,
India, Jan. 30, 2023 /CNW/ - Canada Pension Plan
Investment Board (CPP Investments) today announced an investment of
US$205 million as an anchor
investor in IndoSpace's new real estate fund. IndoSpace is a
leading real estate company in India. The investment marks the first close
for IndoSpace Logistics Parks IV (ILP IV), the company's fourth
development vehicle, targeting US$600
million of total equity commitments.
This is the latest venture between CPP Investments and
IndoSpace. The first joint venture, IndoSpace Core, was established
in 2017 and now owns the largest portfolio of stabilized modern
logistics assets in India. CPP
Investments has also invested in ILP III. Following the investment
in ILP IV, the partnership will exceed US$1
billion in assets.
ILP IV will add an additional 25-30 million square feet to the
IndoSpace portfolio, furthering IndoSpace's leading position in the
Indian market. ILP IV will focus on India's largest logistics real estate markets:
Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. The establishment of ILP IV follows on
from the first three development funds, which have a combined total
of 56 million square feet of modern logistics real estate in
India.
Hari Krishna V, Managing Director, Head of Real Estate India,
CPP Investments, said, "Over the past few years, we
have made numerous investments in India's industrial space, where we see strong
demand as the manufacturing sector continues to grow and the
e-commerce sector matures. We are pleased to be working with our
longstanding partner IndoSpace to further capitalize on
opportunities in this space and believe this investment will
deliver strong risk adjusted returns for CPP contributors and
beneficiaries."
Brian Oravec, Managing Partner
and CEO, IndoSpace Capital Asia, said, "We are excited to
extend our successful partnership with CPP Investments. CPP
Investments' commitment to ILP IV is a testament to IndoSpace's
leadership in the industrial and logistics real estate space in
India. ILP IV will allow us to
continue to expand our unique national network to better serve our
customers. Industrial and logistics infrastructure is a key enabler
of economic growth. To meet India's aim of becoming a US$5 trillion economy by 2025, IndoSpace is
excited to continue to be one of India's key infrastructure creators."
About CPP Investments
Canada Pension Plan Investment Board (CPP
InvestmentsTM) is a professional investment management
organization that manages the Fund in the best interest of the 21
million contributors and beneficiaries of the Canada Pension Plan.
To build diversified portfolios of assets, investments are made
around the world in public equities, private equities, real estate,
infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York
City, San Francisco, São
Paulo and Sydney, CPP Investments
is governed and managed independently of the Canada Pension Plan
and at arm's length from governments. As per September 30, 2022, the Fund totalled
C$529 billion. For more information,
please visit www.cppinvestments.com or follow us
on LinkedIn, Facebook or Twitter.
About IndoSpace
IndoSpace (www.indospace.in) is the largest investor, developer,
and operator of grade A industrial and logistics real estate in
India. IndoSpace has the largest
national network of 50 logistics parks with 56 million square feet
delivered/under development across 10 cities. With India's largest and most experienced
industrial real estate team, IndoSpace continues to lead the
development of key logistics infrastructure for India's economic growth. For more information,
visit www.indospace.in and follow us on LinkedIn,
Twitter, and Facebook.
SOURCE Canada Pension Plan Investment Board