IndoSpace Closes US$1.2 billion ILP III

IndoSpace, India’s leading developer of industrial real estate andwarehousing facilities, announced today that it held the final close on IndoSpace Logistic Parks III (“ILPIII” or the “Fund”), the largest logistics real estate fund ever raised in India. The offering wassignificantly oversubscribed on the back of strong investor demand. US$580 million of total equity has been committed to ILP III which, post leverage will create a corpusof more than US$1.2 billion to develop and acquire industrial and logistics-related real estateinvestments in India. IndoSpace will use the capital to further strengthen its market leadershipposition. Leading global institutional investors have invested in ILP III. In September 2018, GLP established astrategic joint venture with IndoSpace, marking its entry into India. GLP will partner with IndoSpace todevelop logistics parks in India as well as co-invest in IndoSpace’s managed investment vehicles. Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace), said, “Thesuccessful fund raise is a big endorsement of IndoSpace’s leadership in the industrial and logistics realestate space in India. We thank and welcome investors into our fund and look forward to serving ourcustomers with our unique national network and large integrated platform.” Ming Mei, Co-Founder and CEO of GLP, said, “We congratulate the IndoSpace team on its largest everfund raise, which provides long-term capital to further strengthen our market-leading position andnetwork to better serve customers across India. The successful fund raise of ILP III reflects theconfidence institutional investors have in us and we look forward to working closely with IndoSpace tocapitalize on the early growth stages of India’s rapidly modernizing logistics landscape.” IndoSpace takes total commitment to India to well above US$ 3.2 billion, to build out a pipeline of 120million square feet of modern logistics infrastructure to support the growth and modernization of India's supply chain. Demand for logistics facilities in India is driven by favorable government policy, economic expansion and the growth in organized retail and e-commerce. Currently, IndoSpace has aportfolio of around 30 million square feet across developed and under-construction projects. IndoSpace’s portfolio includes 30 industrial and logistics parks in 9 cities, making it the only national network in India.