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.

title 1
Ivanhoé Cambridge is planning to invest $250m (€237m) in India’s residential market.
The real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ) has entered a joint venture with Indian developer Piramal Enterprises.
The joint venture will target five major metro cities in India and Piramal will co-invest between 25% and 50% in each transaction.
The Mumbai Metropolitan Region, Delhi, Bangalore, Pune and Chennai will be targeted, with capital made available to residential developers.
APG is backing a residential property fund launched by Indian developer Godrej Properties.
Godrej’s fund management business has raised $275m (€244m) for its Residential Investment Program II vehicle, with APG as the lead investor.
The vehicle is a follow-on to the $200m residential development platform GPL set up with an APG-led investor group in 2012.
GPL will hold a 20% stake in GRIP II.
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Turnit capital, represented by Girish Grover, participated at MIPIM in Cannes, France in March 2017. Mr Grover was joined by Guy Perry of McKinsey, Faye D'Souza of Magicbricks and Farookh Mahmood of Silverline Realty. The panel discussed how Indian market has transformed in last 10 years and the opportunities for global players to benefit from the Indian market.
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