Everstone, GLP launch $500m platform for Logistics Investments in India.
India-focused private equity firm Everstone and logistics major GLP have launched a $500-million investment platform focused on the logistics sector in India.
The launch of the platform follows GLP’s entry into the India market in September this year through a joint venture with Everstone-backed industrial real estate firm IndoSpace.
It was earlier announced that GLP would become an investor in IndoSpace Core, a joint venture established in 2017 by IndoSpace and Canada Pension Plan Investment Board (CPPIB), which is focused on acquiring and developing modern logistics facilities in India. CPPIB had initially committed $500 million and owns a significant majority stake in IndoSpace Core.
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India will be the fourth country in which GLP will offer its services, after China, the US and Japan.
“This new partnership with GLP will allow us to leverage each other’s strengths to create a unique technology-led logistics investment strategy in India. Our existing capabilities and national network, coupled with GLP’s strong global track record and expertise will enable us to add significant value to our investments,” said Everstone Group co-founder and CEO Sameer Sain.
GLP, which manages $50 billion in realty and PE assets, has 2,900 completed properties in 1,200 logistics parks globally. In 2017, it had followed a similar pattern by entering Europe with the acquisition of Gazeley, a developer, investor and manager of logistics warehouses and distribution parks.
GLP has invested in US-based supply chain solutions provider Tompkins International along with G7 – the largest telematics platform provider in China used by 90 per cent of China’s largest trucking companies – amongst other investments.
Everstone and GLP said they see significant opportunities across the logistics value chain in India, including express-delivery, smart trucks, telematics and automation/robotics.
“We see significant room to further integrate the use of technology in India’s logistics industry. We look forward to working closely with Everstone to establish a smart ecosystem that harnesses technology to accelerate growth, create value and drive returns for all stakeholders in India,” said GLP co-founder and CEO Ming Mei.
The Indian Economic Survey 2017-18 estimates that the Indian logistics sector will touch $215 billion by 2020, from the current $160 billion.
To capture this opportunity, many foreign players have forged alliances with local partners.Last year, Ascendas-Singbridge, which is jointly owned by Temasek Holdings and JTC Corp., partnered with Indian industrial real estate firm Firstspace to jointly invest up to $600 million over the next 5-6 years to develop logistics and industrial facilities across major warehousing and manufacturing hubs.
Earlier this year, Ascendas-Singbridge had said that along with Temasek, it will jointly commit around $300 million in logistics and industrial real estate projects.
Last year, LOGOS India, which is a joint venture of Singapore-based Assetz Property Group and Australia’s LOGOs Group, had raised $400 million from Ivanhoé Cambridge and Vancouver-based QuadReal Property Group to develop and own modern logistics facilities.
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Article Source : dealstreetasia
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