IndoSpace to invest $300 mn to acquire land in warehousing

India-based investor and manager of Grade A industrial and logistics real estate, IndoSpace plans to invest $300 million to acquire land across significant warehousing and industrial hubs in the country and add 4 million sq ft of warehousing portfolio by the end of 2021. The firm told the media that the demand for warehousing remains robust from the e-commerce firms as they are planning to expand operations due to the second wave of Covid-19 in India. IndoSpace invested $500 million on nine acquisitions and has a portfolio across 39 industrial and logistics parks of over 41 million sq ft under various stages of development in nine major consumption hubs in India in 2020. The company has raised three private equity development funds with a total equity commitment of approximately $1.2 billion. IndoSpace formed the IndoSpace Core, a Joint Venture with the Canada Pension Plan Investment Board with a target fund size of $1.2 billion and an initial commitment of $550 million in 2016. Despite the unfavourable socio-economic environment, warehousing stock in the top eight cities—Mumbai, Chennai, Kolkata, Ahmedabad, Hyderabad, NCR Delhi, Bangalore, and Pune, has added 27 million sq ft to reach 238 million sq ft in 2020 according to a JLL report. Image Source Also read: Blackstone buys Embassy Industrial Parks from Warburg Pincus