The e-commerce and manufacturing industries feel the growth in demand. Private equity giant Everstone Group’s industrial logistics and real estate developers IndoSpace has invested nearly $3 billion through an array of debt and equity in the assets managed by the investment vehicle its in India.

Over the next three years, the firm will build another 22 million square feet throughout the country. It will invest around $1 billion to acquire new properties, as per Rajesh Jaggi, Vice chairman of Real Estate, Everstone Group.

The company operates a portfolio of 30 million square feet, comprising 33 percent industrial and 67 percent warehouses across the United States that are in operation. The company plans to increase this number to 58 million square feet within the coming 2 to 5 years, he added.

In addition to the 6 million square feet that are in construction, The company plans to build another 22 million square feet in between two and five years, he said.

“Industrial storage has become a major segment in India. At present, we’re with 33 percent industrial storage and 67 percent warehouses in our portfolio of operations,” he added.

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Jaggi said that although the company has bought over 22,000 acres across the nation, land acquisition remains the biggest issue.

“We have land that we could expand it up to 58 million square feet. Our company raised our fourth fund which is a 600 million fund, and we have reached the second close of $400 million. Through ILP IV, we’ll grow our portfolio up to 100 million square feet within 5 years.”

IndoSpace has refinanced the fourth vehicle for development, IndoSpace Logistics Parks IV (ILP IV), with an estimated raise of $600 million in the fund. Its Canada Pension Plan Investment Board (CPP Investments) has put in over $205 million in this fund, which brings the total assets of CPP Investments and IndoSpace’s partnership to a total of $1 billion assets.

He added that although the demand for warehouses prior to COVID-19 was limited in auto production, the market has since been expanded to electric, solar semiconductors, electronic vehicles, and even automobiles.

“With the recent efforts to raise funds the goal is to expand the IndoSpace portfolio over the next three or four years. The fund will be focused on India’s biggest real estate markets for logistics, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune,” he said.

With this in mind, IndoSpace will keep deepening its presence in the existing market of 11 (Rajpura, Delhi/NCR Ahmedabad, Mumbai, Pune, Bengaluru, Coimbatore, Chennai, Sri City, Anantapur, and Hyderabad) and is aiming to expand in the upper eight markets of tier-I in the coming three years, the CEO added.

IndoSpace has a nationwide system of logistics parks that span 51, with more than 58 million square feet of space delivered and under development in 11 cities.