In­doS­pace, GLP form joint ven­ture to co-in­vest in in­fra­struc­ture

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Shrija Agrawal

MUMBAI: Pri­vate equity firm Ever­stone Group-backed in­dus­trial real es­tate com­pany In­doS­pace and mod­ern lo­gis­tics and tech­nol­ogy-led so­lu­tions provider GLP have en­tered into a longterm strate­gic part­ner­ship.

As part of the joint ven­ture (JV), GLP will co-in­vest in In­doS­pace’s man­aged in­vest­ment ve­hi­cles, the com­pa­nies said in a joint state­ment on Su nd ay.GLP’ s real es­tate plat­form is one of the largest in the world, span­ning about 700 mil­lion square feet. Through this part­ner­ship, GLP will also be­come an in­vestor in In­doS­pace Core, a joint ven­ture es­tab­lished in 2017 by In­doS­pace and Canada Pen­sion Plan In­vest­ment Board (CPPIB), which is fo­cused on ac­quir­ing and de­vel­op­ing mod­ern lo­gis­tics fa­cil­i­ties in In­dia. C PP IB had ini­tially com­mit­ted $500 mil­lion and owns a sig­nif­i­cant ma­jor­ity stake in to In­doS­pace Core. “GLP, the best and largest global name in our busi­ness, has en­tered In­dia and is ex­clu­sively with us. It is a part­ner­ship for the long-term and a strong ven­ture wherein In doS­pace will be re branded with the tagline: A GLP Joint Ven­ture” said Same e rS ain,c o-founder and chief ex­ec­u­tive of­fi­cer (CEO), Ever­stone Group. Sain, who is also one of the co-founders of In­doS­pace, de­clined to di­vulge fur­ther de­tails, in­clud­ing the quan­tum of in­vest­ment. In­doS­pace is a joint ven­ture be­tween pri­vate equity firm Ever­stone Cap­i­tal and US-based Real­term Group. The JV will also en­able In do Space tol ever ageGLP’ s fund man­age­ment, de­vel­op­ment and op­er­a­tional ex­per­tise and re­sources, as well as its ex­ten­sive global cus­tomer net­work .“They are the global leader in the lo­gis­tics space. GLP’s ex­per­tise, scale, tech­nol­ogy and global re­la­tion­ships will give us a mas­sive ad­van­tage and en­able us to de­liver sig­nif­i­cant value to our cus­tomers and in­vestors ,” added Sain. In­doS­pace plans to build a pipe­line of120mil­lion squarefeet of mod­ern lo­gis­tics in­fra­struc­ture. It cur­rently has 12 mil­lion sq. ft of ful­ly­de­vel­oped and sta­ble leased as­sets, with an­other 20 mil­lion in brown field con­struc­tion, as well as a pipe­line of 30 mil­lion sq. ft in In­dia. “We have hit the hard cap of our third In­doS­pace fund at $550 mil­lion. We have cap­i­tal and with the en­hanced tech- ni cal where­withal of G LP, we can just do so much more. We will look at ex­pand­ing our ca­pa­bil­i­ties and also look at car­gos, air­ports, etc.” In­doS­pace has raised $584 mil­lion across two in­dus­trial real es­tate funds. The first, In­doS­pace Lo­gis­tics Parks I, had raised $240 mil­lion in 2009. In­doS­pace Lo­gis­tics Parks II had raised $344 mil­lion in 2014. Cur­rently, In­doS­pace’s port­fo­lio in­cludes 28 lo­gis­tics and in­dus­trial parks across the coun­try. Its key­tenantsin­cludeA­ma­ Inc ., Nis­san Mo­tor Co ., DH L Sup­ply Chain In­dia Pvt. Ltd, Pepsi Co In­dia Hold­ings Pvt. Ltd and the Bosch Group.

G LP with $50 bil­lion in AU Min realty and PE, own sand op­er­ates 667 mil­lion sq ft. It has 2,900 com­pleted prop­er­ties in 1,200 lo­gis­tics parks glob­ally. It has struck sim­i­lar part­ner­ships. For in­stance, in 2017, it had en­tered Europe with the ac­qui­si­tion of Gaze­ley, a premier de­vel­oper, in­vestor and man­ager of lo­gis­tics ware houses and dis­tri­bu­tion parks.

“This part­ner­ship is strate­gic and mu­tu­ally ben­e­fi­cial. In­doS­pace is an ex­pe­ri­enced part­ner which shares sim­i­lar val­ues and cul­ture as GLP,” said Ming Mei, co-founder and CEO, GLP.

GLP will co­in­vest in In­doS­pace’s man­aged in­vest­ment ve­hi­cles.

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