industrial real estate and logistics parks developer IndoSpace, which is supported by Private equity major Everstone Group, is looking to deploy over $1 billion to acquire new warehousing and logistics assets across India over the next two-three years amid rising demand, led by improved connectivity and government’s supportive policies.
The joint venture between Everstone, Singapore-headquartered logistics facilities provider GLP and industrial real estate firm Realterm, will also be developing additional 30 million sq ft warehousing properties in the country.
“With the improved connectivity and recent government initiatives, we believe that modern, large, best-in-class logistics and grade A industrial warehousing facilities will continue to be in demand. The booming e-commerce sector and evolving consumption patterns are driving demand for modern logistics and quality warehousing facilities,” Rajesh Jaggi, Vice Chairman-Real Estate, Everstone Group.
“With our recent fundraising efforts, our objective is to augment the IndoSpace portfolio by around 25-30 million sq ft within the next three to four years, equating to an annual target of developing 8-10 million sq ft furthering IndoSpace’s leading position in the Indian market,” Jaggi said.
ILP-IV will focus on India’s largest logistics real estate markets including Mumbai, Delhi-NCR, Bangalore, Pune, Chennai, Hyderabad, Kolkata, and Ahmedabad.
The company recently acquired 8.18 lakh sq ft of grade A warehousing asset, the Amazon Fulfilment Centre in Hyderabad from GMR Group at an enterprise value of Rs 188.1 crore further expanding its pan-India portfolio. This was IndoSpace’s maiden acquisition in the southern city that strengthens its regional presence and significantly expands its key tenant relationship.
