Rava’s Logicap Wins Hulic Investment in India Sheds as Japanese Players Up Bets

Logicap Management, an industrial specialist backed by Singapore-based Rava Partners, has received an investment in two of the platform’s India logistics properties from Japanese developer Hulic, the companies said Thursday.

Logicap and Hulic set up a joint venture comprising stabilised assets near Pune and Chennai, complementing Logicap’s holdings in Mumbai, Delhi NCR and Bengaluru, according to the announcement. The JV’s seed portfolio consists of some of the assets Logicap acquired from GLP-backed IndoSpace in late 2024.

The investment is Hulic’s first ever in industrial real estate in India, the Tokyo-based builder said in a separate statement, and follows previous capital commitments by Japan’s Mitsubishi Estate in Logicap’s India ventures. The latest deal reflects continued trust in India’s infrastructure roadmap by Japanese partners, said Priyank Shah, head of fund management at Logicap, a portfolio company of Rava, the real assets arm of private equity major Hillhouse.

“Japanese capital has fixed its sights on India’s potential, and we will continue to deliver high-quality, high growth and sound infrastructure opportunities at scale and in line with our vision,” Shah said.

Nationwide Expansion

No financial terms were disclosed. Hulic is investing in Ranjangaon PJ, a complex of 15 single-storey buildings at Ranjangaon Industrial Park northeast of Pune, and Sri City PJ, comprising four single-storey buildings at Sri City Industrial Park north of Chennai, according to information released by the TSE-listed property player. 

The Ranjangaon facilities have 243,593 square metres (2.6 million square feet) of leasable area and the Sri City sheds provide 89,100 square metres, with the tenants primarily catering to domestic consumption.

The JV will focus on capital recycling via partial asset-level exits for enhanced returns and liquidity, the companies said. The venture will target industrial assets in other cities as Logicap aims to double its portfolio size over the next two years through a pan-India expansion. 

“India represents an important market from a long-term perspective, supported by ongoing infrastructure development and increasing demand for industrial and logistics facilities,” said Sohei Okuno, director of Hulic Asia, the group’s Singapore-based regional arm.

Logicap also plans to launch its Logistics India Opportunities Fund in early 2026 in a bid to accelerate institutional capital deployment into Grade A industrial assets amid strong market tailwinds, said the firm, which has acquired more than 16 million square feet (1.5 million square metres) of industrial assets across the world’s most populous nation.

Long Term Ties

Logicap said the partnership with Hulic signals a broader commitment to building long-term relationships with Japanese investors, as shown by last year’s launch of the debut hotel fund of Rava-backed real estate firm Samty Holdings.

Eastgate-Samty Hospitality Fund I, managed under a joint general partnership with local real estate manager EastGate Group, reached a final closing of JPY 58 billion (then $391 million) with backing from a number of domestic investors alongside Rava, Hillhouse, Samty and Daiwa Securities.

The vehicle holds 10 hotels in major cities of western Japan, including Tokyo, Nagoya, Kyoto, Fukuoka and Hiroshima, and targets high-occupancy assets amid sustained tourism growth.

“Japan is an increasingly important growth market for real estate investors globally,” said Joe Gagnon, partner at Rava Partners. “We are eager to support our portfolio companies in the country through our growing presence and investments, and welcome opportunities to partner with Japanese companies looking at global expertise to expand.”