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Canada Pension Plan Investment Board and Everstone Group’s industrial and logistics real estate development platform, IndoSpace, have joined hands to form a joint venture named IndoSpace Core to acquire and develop modern logistics facilities in India. The Canadian pension fund will initially commit approximately $500 million and will own a significant stake in the proposed joint venture. IndoSpace Capital Asia will manage the new entity.
In the first tranche, IndoSpace Core will buy ready assets of approx 10 million sq. ft. for about $500 million. Over the next 36-40 months, IndoSpace Core has the option to acquire an additional 15-20 million sq. ft, which will take their overall investment to approximately $1.3 billion.
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