IndoSpace raises record $580m for Indian warehouse fund

Indian warehouse specialist IndoSpace has raised US$580m in the final closing of its IndoSpace Logistic Parks III fund, the largest logistics property fund raised in India to date.

The fund will have more than $1.2bn of investment firepower to develop and acquire industrial and logistics‐related real estate across India, according to a statement from GLP, IndoSpace’s joint venture partner.

“The successful fund raise of ILP III reflects the confidence institutional investors have in us and we look forward to working closely with IndoSpace to capitalise on the early growth stages of India’s rapidly modernising logistics landscape,” said GLP co-founder and CEO Ming Mei.

IndoSpace has 30 industrial and logistics parks across the country, totalling about 2.8m sq.m. of warehouse space either completed or under construction.

GLP expanded into the Indian market in September this year after establishing a strategic joint venture with IndoSpace.

The JV agreement will see GLP partner with IndoSpace to develop logistics parks in the country, as well as co-invest in the local player’s investment vehicles.

GLP has committed more than $3.2bn to building out a pipeline of over 11m sq.m. of modern logistics infrastructure in India, where favourable government policy, economic expansion and the growth in retail and e-commerce are driving demand for warehouse space.

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