News & Updates


title 2 ​​​​​​​ CPPIB expands India realty bet with $1.2 bn IndoSpace JV

title 3 Canada Pension Plan Investment Board (CPPIB) plans to invest as much as $1.2 billion (Rs 7,700 crore) in a joint venture with Indian developer IndoSpace to acquire and develop logistics facilities in India.

CPPIB, which has been active in India’s realty market in recent years, has initially committed about $500 million to the JV—IndoSpace Core– for a significant majority stake, the two companies said in a joint statement. IndoSpace unit IndoSpace Capital Asia will manage the new venture, it added.
As part of the deal, IndoSpace Core will acquire 13 industrial and logistics parks totalling about 14 million square feet from IndoSpace development funds.

The assets are prime properties located in the top industrial and logistics hubs in India, including Chennai, Pune, Mumbai, Delhi and Bangalore.
IndoSpace Core also has the option to acquire additional industrial and logistics parks totalling about 11 million square feet worth about $700 million. These parks are being developed by IndoSpace funds. The JV will also acquire stable assets from third parties across India.

The Canadian fund, which has invested about $3 billion in India since 2010, has been ramping up its India play over the past couple of years.
Last month, the Toronto-headquartered fund formed a joint investment platform with Mumbai-based developer The Phoenix Mills Ltd to develop, own and operate retail-led mixed-use developments in India.

CPPIB opened its seventh global office, and only the second in Asia, in Mumbai last October. It has invested in firms including Kotak Mahindra Bank and L&T Infrastructure Development Projects, besides forming joint investment platforms with Piramal Enterprises and Shapoorji Pallonji Group.

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