IndoSpace Core, a joint venture between the Canada Pension Plan Investment Board, or CPP Investments, and IndoSpace, has acquired six industrial and logistics parks valued at over $300 million.
The six assets, located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai, and Pune, collectively span 380 acres with a leasable area of about nine million square feet, further adding to IndoSpace Core’s portfolio of fully developed, income-generating parks.
The acquisition strengthens IndoSpace Core’s position as the country’s largest operator of stabilized industrial and logistics real estate, the companies said in a statement on Tuesday.
CPP, which owns 93% of IndoSpace Core, will invest approximately $153.7 million (C$217 million) to fund the acquisition.
“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna, managing director, head of real estate India, and Mumbai office head, CPP Investments.
India footprint
The investment also comes on the back of CPP’s goal to further grow its portfolio in the country, having tripled in size to approximately $21.9 billion (C$30 billion) over the last five years, making India its third-largest market in the Asia-Pacific, behind Japan (approximately $26.99 billion or C$38.1 billion) and China (approximately $21.46 billion or C$30.3 billion).
“Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space. We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries,” Krishna added in the statement.
Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune.
The fully integrated supply chain infrastructure platform serves various industries, including manufacturing, electronics, 3PL, e-commerce, retail, and automotive sectors, utilizing technology to deliver scalable and sustainable infrastructure solutions that enhance efficiency and accelerate manufacturing growth.
“This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence,” said Anshuman Singh, managing director and chief executive, IndoSpace. “This acquisition further reinforces the strength of our partnership with CPP Investments, built on a shared belief in India’s potential as a global hub.”
With over 60 million square feet developed and under development, IndoSpace claims to be the largest player in India’s industrial and logistics real estate sector.
CPP entered India in 2009 with an investment in the private equity fund Multiples, and subsequently opened an office in Mumbai in 2015. Over the years, the investment firm has invested across real estate, infrastructure, energy, credit, public equity, fixed income, private equity, and technology sectors in the country.
Its other key investments in the country include National Stock Exchange of India Ltd, Kotak Mahindra Bank, Flipkart, Hexaware Technologies, and real-estate developer RMZ Corp.
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