Canada Pension Plan Investment Board on Monday said it has invested $205 million in IndoSpace’s new real estate fund to develop industrial and logistics parks in India. The investment from Canada’s biggest pension fund is part of IndoSpace’s new fund targeting $600 million in equity commitments.
CPPIB’s latest investment in the Indian property developer will take its partnership with the company to over $1 billion in assets, IndoSpace said in a statement.
“We have made numerous investments in India’s industrial space, where we see strong demand as the manufacturing sector continues to grow and the e-commerce sector matures,” said Hari Krishna V, managing director, head of real estate India at CPPIB.
IndoSpace is a joint venture between the Everstone Group, a Southeast Asia-focussed private equity, and U.S.-based investors GLP and Realterm.