NEW DELHI: IndoSpace, which is into development of industrial real estate, on Sunday said it has partnered with global logistic major GLP for scaling up and strengthening of its business.
IndoSpace is a leading provider of modern industrial and logistics real estate in India and currently has 30 industrial and logistics parks across India. It is promoted by the Everstone Group and Realterm.
IndoSpace and GLP, the leading global provider of modern logistics facilities and technology-led solutions, have established a long-term partnership, the company said in a statement.
GLP will also co-invest in IndoSpace’s managed investment vehicles.
“The partnership enables IndoSpace to leverage GLP’s fund management, development and operational expertise and resources, as well as GLP’s extensive global customer network, to further strengthen IndoSpace’s leadership position in India,” it added.
IndoSpace has an established platform with over USD 2 billion in assets under management today and plans to raise additional capital to build out a pipeline of about 120 million sq ft of logistics infrastructure.
The demand for logistics facilities in India is driven by economic expansion, growth in organized retail and e-commerce as well as the government policies, such as the GST.
Through this partnership, GLP will also become an investor in IndoSpace Core, a joint venture established in 2017 by IndoSpace and Canada Pension Plan Investment Board (CPPIB) that is focused on acquiring and developing modern logistics facilities in India.
CPPIB initially committed about USD 500 million to IndoSpace Core and owns a significant majority stake in the Core vehicle.
Sameer Sain, Co-Founder and CEO of the Everstone Group said, “GLP’s expertise, scale, technology and global relationships will give us a massive advantage and enable us to deliver significant value to our customers and investors.”
Ming Mei, Co-Founder and CEO of GLP, said: “This partnership is highly strategic and mutually beneficial. IndoSpace is an experienced partner which shares similar values and culture as GLP.”
Mei said the partnership provides it with immediate scale to capitalize on the early growth stages of India’s rapidly modernizing logistics landscape and further expand our logistics ecosystem.
Source: Press Trust of India