CPP Investments pledges $205m to IndoSpace’s new vehicle

• IndoSpace Logistics Parks IV’s target is $600 million
• CPP Investments also invested in IndoSpace’s previous fund ILP III
• IndoSpace has a network of 50 logistics parks across 10 cities in India

Canada Pension Plan Investment Board has committed $205 million as an anchor investor to the new real estate fund of IndoSpace, an Indian investor, developer and operator of grade A industrial and logistics real estate.

IndoSpace Logistics Parks IV’s target is $600 million.

This fund is the latest partnership between CPP Investments and IndoSpace. Their first joint venture, IndoSpace Core, was established in 2017 and now owns the largest portfolio of stabilized modern logistics assets in India. The Canadian pension system also invested in IndoSpace’s previous fund ILP III.

Following the investment in ILP IV, the CPP Investments-IndoSpace partnership will exceed $1 billion in assets.

On the commitment, Hari Krishna V, managing director, head of real estate India, CPP Investments, said in a statement, “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.”

Based in Mumbai, IndoSpace has a network of 50 logistics parks across 10 cities in India.