Indospace raises $150-M from QIA, Grosvenor for 4th logistics fund

Mumbai-headquartered IndoSpace, which develops industrial and logistics parks, has raised USD 150 million in the second closing for IndoSpace Logistics Parks IV (ILP IV). Qatar Investment Authority, the sovereign wealth fund of Qatar, and Grosvenor's Diversified Property Investments business were among the lead investors. Following the initial close of USD 243 million, the latest close increases the fund size to USD 393 million. The new fund will continue to advance IndoSpace's aim of developing industrial and logistics parks across Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. ILP IV will add an additional 25-30 million square feet to the IndoSpace portfolio. IndoSpace has a network of 51 logistics parks with 58 million square feet delivered/under development across 11 cities.