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05 SEPTEMBER 2023
In its debut investment in India, Grosvenor’s Diversified Property Investments team (“Grosvenor”) has invested into IndoSpace’s Logistics Parks IV fund (“Fund IV”), which focuses on grade A industrial and logistics real estate offerings in the country’s largest markets.
IndoSpace is the largest developer and manager of Grade A industrial and logistics real estate in India, and with Grosvenor’s new US$50m commitment alongside the Qatar Investment Authority (“QIA”) and CPPIB, Fund IV has total commitments to just under US$400m.
IndoSpace focuses on the sustainable development of state-of-the-art 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 25-30 million sq. ft to its portfolio.
Grosvenor’s Diversified Property Investments team works to diversify Grosvenor’s global property portfolio by investing with specialist local managers in sectors and countries that complement the activities of Grosvenor’s regional operating companies in the UK and North America. The deal follows the announcement earlier this year, that the team is aiming to double the size of its global portfolio by 2027.
As part of this expansion ambition, the business has appointed Kishore Moorjani, who is based in Singapore as its third independent Non-Executive Director. Kishore has a track record of investing across some of Asia’s most dynamic markets and, during his time as Senior Managing Director at Blackstone where he led the company’s Tactical Opportunities Group for Asia.
Chris Taite, CEO, Grosvenor Diversified Property Investments, said, “This investment marks our first in India, as part of our drive to invest across Asia by backing like-minded local investment partners. The 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. We’re also pleased to announce Kishore’s appointment as our new NED. He has unparalleled experience in investment markets across Asia and will provide invaluable guidance as we explore opportunities in the region.”
Brian Oravec, Managing Partner and CEO, IndoSpace Capital Asia, said, “We are thrilled to have QIA and Grosvenor join us on our journey to continue to transform India's industrial real estate landscape. Their investment will support our efforts to create cutting-edge facilities that foster innovation, efficiency, and sustainable growth. We are excited to partner with QIA and Grosvenor and further strengthen our position as the leading player in the industry.”
About Grosvenor Diversified Property Investments
With a track record of over 340 years, Grosvenor is an international developer, manager and investor improving property and places across many of the world’s leading cities.
Our Diversified Property Investments business backs local property investment partners globally, who share our values, have specialist expertise and a demonstrable investment track record.
By investing Grosvenor’s own capital alongside local partners who have a clear understanding of the changing demands of real estate in their markets, we aim to generate strong commercial results, while advancing our social and environmental ambitions.
Since our first partnership in 2012, we’ve successfully backed aligned, specialist, local management teams across five continents and in a broad range of sectors including industrial/ logistics, student accommodation, life sciences, healthcare, housing, and offices.
IndoSpace (www.indospace.in) is the largest investor, developer, and operator of grade A industrial and logistics real estate in India. IndoSpace has the largest national network of 52 logistics parks with 58 million square feet delivered/under development across 11 cities. With India’s largest and most experienced industrial real estate team, IndoSpace continues to lead the development of key logistics infrastructure for India’s economic growth. For more information, visit www.indospace.in and follow us on LinkedIn, Twitter, and Facebook.