CPPIB eyes Rs. 15,000cr deal under REIT

    CPPIB Real Estate Deal
    In the largest realty deal, which will fast track the construction of nearly 40 million sq ft commercial space, Canada Pension Plan Investment Board ( CPPIB) is currently negotiating to acquire private equity firm Everstone Group‘s industrial and logistics real estate development platform, IndoSpace, as part of private real estate investment (REIT), said sources, adding that the entire deal is pegged at Rs 15,000-cr making it the largest commercial real estate transaction in the country. The deal has been structured in two parts, in the first phase, CPPIB will acquire the ready development space of nearly 10 million sqft for nearly Rs 4000cr, while Indospace is developing another 30 million sqft across the country which will be developed and added to this portfolio and the payouts will be linked to that. Everstone will continue to manage these assets even after the full sale process. IndoSpace is a joint venture between Everstone Group and US-based Realterm. While Everstone is a private equity and real estate firm that focuses on India and South-East Asia, with over $3.3 billion of assets under management. Realterm is an industrial real estate firm that manages approximately $2.5 billion of assets across 300 operating and development properties in North America, Europe and India, they added.
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