IndoSpace Core JV With CPPIB Buying Six India Logistics Parks for $336M

IndoSpace Core, the joint venture of industrial platform IndoSpace and the Canada Pension Plan Investment Board, is buying six India logistics parks for a total of INR 30 billion ($336.1 million).

CPPIB will commit INR 14 billion to fund the acquisition of the assets, which span 380 acres (154 hectares) across Bengaluru, Chennai, Delhi, Mumbai and Pune and have a leasable area of 9 million square feet (836,127 square metres), the companies said Tuesday in a release. 

Backed by logistics specialist GLP, Singaporean private equity firm Everstone and Toronto-based CPPIB, IndoSpace has more than 50 operational facilities and properties under development in Asia’s third-biggest economy. The specific assets acquired by the core JV and their seller weren’t disclosed. 

“This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence,” said IndoSpace managing director and CEO Anshuman Singh. “With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector.”

Expanding Footprint

IndoSpace Core was launched more than eight years ago with a $500 million capital commitment from CPPIB. The Canadian institution holds a majority stake in the JV, with the assets managed by IndoSpace. 

India’s logistics sector continues to benefit from strong structural growth, driven by urbanisation and the expanding manufacturing footprint, said Hari Krishna V, head of India real estate at CPPIB, which manages C$777.5 billion ($552.4 billion) in assets.

“Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space,” he said. “We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.”

Along with CPPIB, IndoSpace has received commitments from the Qatar Investment Authority and Grosvenor for its IndoSpace Logistics Parks IV development fund, with those two players helping to lift the vehicle to a second closing of $393 million in 2023.

New CEO Makes Mark

CPPIB’s latest bet on India sheds is the first capital commitment disclosed by IndoSpace under new CEO Singh, who previously founded logistics provider Stellar Value Chain Solutions.

IndoSpace had appointed company veteran Sharad Gohil as chief executive last year after the departure of then CEO Brian Oravec in mid-2024, with co-founder Oravec rejoining US logistics developer and fund manager Realterm but retaining a seat on the IndoSpace board.

The IndoSpace website now lists Gohil as CEO of IndoSpace Capital Asia. Singh’s hiring as managing director and CEO of IndoSpace was never publicly announced.