IndoSpace concludes second funding round, raises $150M from QIA, Grosvenor

Logistics and warehousing player IndoSpace Logistics Parks IV (ILP IV) said it has completed its second round of fundraising, securing an additional $150 million investment.

The round was led by Qatar Investment Authority (QIA) and UK-based Grosvenor's Diversified Property Investments business. This will take the total fund size to $393 million, following the initial close of $243 million.

IndoSpace said it will add 25-30 million square feet of assets to its portfolio in India’s logistics real estate markets such as Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune.

The establishment of ILP IV follows from the first three development funds, which have a total of 58 million square feet of logistics real estate in India that are completed and under development.

Earlier, in January, Canada Pension Plan Investment Board (CPPIB) invested $205 million as an anchor investor in ILP IV, which is targeting $600 million of total equity commitments. CPPIB had also invested in ILP III.

IndoSpace is an investor, developer, and operator of industrial and logistics real estate in India. It maintains a nationwide network of 50 logistics parks, encompassing a total of 56 million square feet under various stages of development in ten cities.