Canada’s pension fund to invest up to $1.2 bn in India’s real state.
Canadian pension fund, Canada Pension Plan Investment Board (CPPIB), has acquired a majority stake in IndoSpace, the warehousing and logistics real estate arm of the Everstone Group.
The pension fund has committed $500 million for the majority stake and will acquire 13 industrial and logistics parks totalling 14 million square feet as part of the deal, the companies announced on Monday.
Under the agreement, IndoSpace and CPPIB will create a joint venture IndoSpace Core that will focus on acquiring and developing logistics facilities in India.
IndoSpace, a joint venture between Everstone Capital and Realterm Global, has a pan-India presence and it counts top global and domestic companies such as Nissan, P&G, L’Oréal, DHL, Samsung, Kuo and Levi’s as its tenants. The company has all its assets held through separate SPVs. Indo-Space Capital Asia will manage the new entity.
Full Content: Economic Times
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