<article><a href="http://dealstreetasia.com/tag/indospace" target="_blank" rel="noopener">IndoSpace</a>, a joint venture between private equity firm <a href="http://dealstreetasia.com/tag/everstone" target="_blank" rel="noopener">Everstone Group</a> and US-based industrial real estate investor <a href="http://dealstreetasia.com/tag/realterm" target="_blank" rel="noopener">Realterm Global</a>, on Friday announced the final close of its third fund with commitments of $580 million.</article>

<a href="http://dealstreetasia.com/tag/indospace" target="_blank" rel="noopener">IndoSpace</a>, a joint venture between private equity firm <a href="http://dealstreetasia.com/tag/everstone" target="_blank" rel="noopener">Everstone Group</a> and US-based industrial real estate investor <a href="http://dealstreetasia.com/tag/realterm" target="_blank" rel="noopener">Realterm Global</a>, on Friday announced the final close of its third fund with commitments of $580 million.
According to an official statement by IndoSpace, &#8220;$580 million of total equity has been committed to ILP III which, post leverage, will create a corpus of more than $1.2 billion to develop and acquire industrial and logistics-related real estate investments in India.&#8221;
IndoSpace Logistic Parks III was launched in October last year, with a target corpus of $550 million, which was pegged to take its total assets under management to above $1 billion.
Earlier this year, World Bank Group&#8217;s <a href="http://dealstreetasia.com/tag/ifc" target="_blank" rel="noopener">International Finance Corp </a>disclosed that it was planning to invest up to $25 million in the third fund of IndoSpace.
IndoSpace had earlier raised raised $584 million across two industrial real estate funds. The first, IndoSpace Logistics Parks I, raised $240 million in 2009, and the second, IndoSpace Logistics Parks II, raised $344 million in 2014.
The third fund’s close takes IndoSpace’s total commitment in India to over $3.2 billion to build out a pipeline of 120 million square feet of modern logistics infrastructure, it said.
Currently, IndoSpace has a portfolio of around 30 million square feet across developed and under-construction projects. The IndoSpace portfolio includes 30 industrial and logistics parks in nine Indian cities.
The latest announcement comes on the heels of China&#8217;s <a href="http://dealstreetasia.com/tag/" target="_blank" rel="noopener">GLP</a> forging a strategic joint venture with IndoSpace in September, marking its entry into India. GLP will partner with IndoSpace to develop logistics parks in India as well as co-invest in IndoSpace’s managed investment vehicles.
In May last year, IndoSpace and Canadian pension fund CPPIB created a joint venture, IndoSpace Core, to acquire and develop modern logistics facilities in India. CPPIB has made a significant commitment of around $1 billion towards IndoSpace’s assets.
&#8220;The successful fundraise of ILP III reflects the confidence institutional investors have in us and we look forward to working closely with IndoSpace to capitalise on the early growth stages of India’s rapidly modernising logistics landscape,&#8221; said Ming Mei, Co-Founder and CEO of GLP.
Everstone Group and GLP have also partnered to invest around $500 million in the logistics ecosystem in India.
As per the Economic Survey 2017-18, the Indian logistics sector is expected to touch $215 billion by 2020, from the current $160 billion.
Last year, LOGOS India, which is a joint venture of Singapore-based Assetz Property Group and Australia’s LOGOs Group, had raised $400 million from Ivanhoé Cambridge and Vancouver-based QuadReal Property Group to develop and own modern logistics facilities.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-indospace-launches-third-fund-550m-target-corpus-85434/" target="_blank" rel="noopener">India: IndoSpace launches third fund with $550m target corpus</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/everstone-glp-india-logistics-113705/" target="_blank" rel="noopener">Everstone, GLP launch $500m platform for logistics investments in India</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/everstone-backed-indospace-forms-jv-with-glp-to-co-invest-in-infra-sector-107244/" target="_blank" rel="noopener">India: Everstone-backed IndoSpace forms JV with GLP to co-invest in infra sector</a>
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IndoSpace, a joint venture of private equity firm Everstone Group and US-based industrial real estate investor Realterm Global, today announced the final close of its third fund with commitments of $580 million.

Everstone-backed IndoSpace hits hard cap of $580m for third fund

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Everstone-backed IndoSpace hits hard cap of $580m for third fund

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