Grosvenor鈥檚 diversified property investments arm has made a $50m (鈧�45.4m) commitment to IndoSpace鈥檚 Logistics Parks IV (ILP IV), an Indian logistics fund backed by Canada Pension Plan Investment Board (CPP Investments) and Qatar Investment Authority (QIA).
Grosvenor said its commitment alongside QIA and CPP Investments takes Fund IV鈥檚 total commitments to just under $400m.
Back in January, 91传媒在线 reported that CPP Investments had made a $205m commitment to ILP IV鈥檚 first close as an anchor investor, adding that IndoSpace is seeking to raise $600m for the fourth development fund.
The amount contributed by QIA is unknown.
IndoSpace focuses on the sustainable development of assets across the major markets of Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune and the company will deploy the funds to add an additional 25-30m sqft to its portfolio.
Grosvenor said the transaction represents its debut investment in India. Grosvenor鈥檚 diversified property investments business is responsible for diversifying Grosvenor鈥檚 global property portfolio by investing with specialist local managers in sectors and countries that complement the activities of Grosvenor鈥檚 regional operating companies in the UK and North America.
The latest deal follows the announcement earlier this year, that the team is aiming to double the size of its global portfolio by 2027.
Chris Taite, CEO, Grosvenor鈥檚 diversified property investments, said, 鈥淭his investment marks our first in India, as part of our drive to invest across Asia by backing like-minded local investment partners.
鈥漈he fund comes at a time of digital transformation in India and provides us with access to growing e-commerce and manufacturing industries with a best-in-class specialist manager. We look forward to a long partnership with IndoSpace.鈥�
Brian Oravec, managing partner and CEO, IndoSpace Capital Asia, said, 鈥淲e are thrilled to have QIA and Grosvenor join us on our journey to continue to transform India鈥檚 industrial real estate landscape. Their investment will support our efforts to create cutting-edge facilities that foster innovation, efficiency, and sustainable growth.鈥�
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