IndoSpace to Invest $300 Million in Warehousing, Industrial Hubs
IndoSpace, India’s largest investor and manager of Grade A industrial and logistics real estate, has said it plans to invest $300 million to acquire land across major warehousing and industrial hubs in the country — and add 4 million sft of warehousing portfolio by the end of 2021.
The firm said the demand for warehousing remains strong from ecommerce firms as they look to expand operations due to the second wave of Covid-19 in India. “We are not slowing down our acquisition process. We are bullish on that segment and we continue to invest,” said Rajesh Jaggi, vice-chairman, real estate, Everstone Group.
IndoSpace has raised 3 private equity development funds with a total equity commitment of approximately $1.2 billion.
“As far as demand is concerned on the warehousing side, we are bullish and continue to remain bullish. In manufacturing, we will have to wait another two to three quarters to see how that turns around. I think that’s a wait-and-watch situation. But from our perspective, it has meant a short-term blip. We find this to be an opportunity. Personally, it is a pain for two quarters and hopefully that should turn around,” said Jaggi.