The additional investment will increase its development pipeline from 20 million square feet to 50 million square feet, it said in a statement.
“In addition to growth in consumption and e-commerce, we see India’s great manufacturing potential being unlocked by the Government’s Make In India program. This requires world-class industrial and logistics real estate, and as pioneers and leaders in this asset class we will continue to invest aggressively,” Rajesh Jaggi, managing partner for Everstone Real Estate, and co-CEO of IndoSpace, said.
IndoSpace operates industrial and logistics parks in Pune, the National Capital Region, Bengaluru and Chennai. The company plans to fund and expand its 17 industrial real estate projects across the country to support manufacturing, consumer and 3PL (third-party logistics) companies operating in India’s rapidly growing economy.
“It is critical that the enabling infrastructure such as land and facilities to manufacture and store goods are in place as India’s manufacturing engine gathers speed,” Brian Oravec, CEO of IndoSpace, said.
In Pune, IndoSpace is located at Chakan and houses companies like Ericsson, Bosch, DHL, Leoni, Steelcase, Kubota and Delphi.
IndoSpace is the pioneer and largest provider of industrial and logistics real estate in India and currently has 17 projects under development across India.
IndoSpace is a joint venture between the Everstone Group and Realterm. Everstone is a premier India and South East Asia focused private equity and real estate firm with over $ 3.3 billion under management. Realterm is an industrial real estate firm that manages approximately $2.5 billion across over 300 operating and development properties in North America, Europe and India.