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Canada's CPPIB invests $205 million in Indian co IndoSpace's new fund

Reuters
Updated ·1-min read

BENGALURU (Reuters) - Indian warehouse and parks developer IndoSpace on Monday said the Canada Pension Plan Investment Board (CPPIB) will invest $205 million in the company's new real estate fund.

The investment from Canada's biggest pension fund is part of IndoSpace's new fund targeting $600 million in equity commitments.

CPPIB's latest investment in the Indian property developer will take its partnership with the company to over $1 billion in assets, IndoSpace said in a statement.

"We have made numerous investments in India's industrial space, where we see strong demand as the manufacturing sector continues to grow and the e-commerce sector matures," said Hari Krishna V, Managing Director, Head of Real Estate India at CPPIB.

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IndoSpace is a joint venture between the Everstone Group, a Southeast Asia-focussed private equity, and U.S.-based investors GLP and Realterm.

(This story has been refiled to correct abbreviation in the headline and story)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)