Logos India to invest up to $800 mln in Indian logistics

Logos India, a joint venture between Macquarie-backed Logos Property Group and Singapore’s Assetz Property Group, will invest up to $800 million in India’s logistics sector, the company said in a statement on Tuesday.

Logos India has raised $400 million from Ivanhoe Cambridge, the real estate arm of Quebec’s Caisse de depot et placement, and Canada’s QuadReal Property Group, and plans to raise an additional $400 million of debt.


The strategy of the venture, to be known as the LOGOS India Logistics Venture (the Venture), is focused on developing and owning high-quality, modern logistics facilities in targeted cities across India and will have up to US$800 million in investment capacity. Final closing of the Venture is subject to certain regulatory approvals.

LOGOS India, a partnership between LOGOS Group and Assetz Property Group announced in August 2017, has identified a strong pipeline of opportunities across the key logistics hubs of Mumbai, Pune, Chennai, the National Capital Region (NCR), Bangalore, Hyderabad and Ahmedabad to meet the increasing demand for modern facilities. Supported by India’s compelling macroeconomic fundamentals, rapidly urbanising population, progressive government initiatives and growing e-commerce sector, these markets are in a prime position to capitalize on India’s emerging consumer base.

Commenting on the Venture, Trent Iliffe, Joint Managing Director, LOGOS Group, said: “We’re pleased to be expanding our relationship with Ivanhoé Cambridge to India and welcoming QuadReal as a new partner. India is the next step in our Pan-Asian real estate strategy. We are focused on meeting the strong demand from our customers and ensuring we can help them grow to address the challenges of the India supply-chain market.”

John Marsh, Joint Managing Director, LOGOS Group, added: “Our expansion into India will see us leverage our significant regional experience and our global development and design standards to deliver the highest-quality logistics facilities in the market.”

Ben Salmon, Chairman, LOGOS India and CEO, Assetz Property Group, said: “India is one of the fastest-growing economies in the world and the combination of LOGOS India’s local expertise and Pan- Asian management and development capability means we are well-placed to capitalise on the many opportunities we are seeing in this market.”

Rita Rose Gagné, President, Growth Markets, Ivanhoé Cambridge, said: “We are pleased to invest in the logistics space in India, a promising high-growth real estate sector. India is a strategic market for Ivanhoé Cambridge and we are continuing to grow our presence and our footprint there. We fully support the LOGOS India team that has deep market experience and we are delighted to be partnering with QuadReal, a leading global real estate investor.”

Jonathan Dubois Phillips, President, International Real Estate, QuadReal, noted: “After extensive due diligence to understand the economic, demographic and government forces driving growth in India, we are delighted to be partnering with Ivanhoé Cambridge and LOGOS India to invest in the logistics sector in strategic Indian markets.”

Macquarie Capital (Australia) Limited (together and through its affiliate, Macquarie Capital) acted as exclusive financial adviser to LOGOS India for the transaction and as sole lead manager and arranger for the Venture’s capital-raising.

The funds will be used to develop and own logistics facilities in Indian cities including Delhi and the surrounding region, Mumbai, Pune, Chennai and Bengaluru, the company said in the statement.

Ivanhoe Cambridge and Macquarie Corporate Holdings are shareholders in Logos Property Group.

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