Global infrastructure investor I Squared Capital will buy Indonesian logistics and cold-storage company Cella, an I Squared executive told Reuters, marking its entry into Southeast Asia’s largest economy as it plans a major expansion over the next four to five years.
The Miami-headquartered investor aims to grow Cella’s warehouse and cold storage space to about 1.5 million square metres from about 231,000 square metres now, senior partner Harsh Agrawal said.
I Squared will acquire the entire business from NWP Property and Japan-based logistics facility specialist CRE, it said in a statement. Financial terms were not disclosed. The deal is expected to close in the third quarter of 2026, I Squared said.
I Squared will acquire the entire business from NWP Property and Japan-based CRE.
Cella’s management team, led by CEO Bonny Setiawan, will remain with the company, Agrawal said.
Indonesia is facing a crisis of investor confidence, fuelled by concerns over government spending and policy direction, while President Prabowo Subianto pursues a goal of 8% economic growth before 2030.
But Agrawal said I Squared was looking beyond short-term noise and investing in Indonesia’s expanding middle class, rising consumption and growing need for modern logistics and cold-storage infrastructure.
“Despite some of the short-term noise, we really do believe in the long-term growth trajectory of the Indonesian market,” Agrawal said.
Cella owns and operates five modern logistics and cold storage facilities across Greater Jakarta and Surabaya.
The sites are almost fully occupied and serve a mix of multinational and Indonesian customers across e-commerce, third-party logistics, retail and consumer goods, Agrawal said.
Cella owns and operates five modern logistics and cold storage facilities across Greater Jakarta and Surabaya.
I Squared will fund the acquisition through its Growth Markets II fund, Agrawal said. It will look to expand in Surabaya and larger cities such as Medan, with the location of new facilities guided by customer requirements and supply-chain needs, he added.
The acquisition follows I Squared’s investment in Philippine cold-storage company Royal Cold Storage. I Squared manages more than $60 billion in assets and invests in power, transport and logistics, digital, environmental and social infrastructure.
Cella, founded in 2022 and headquartered in Greater Jakarta, will be I Squared’s industrial logistics and cold-storage platform in Indonesia.
Reuters
