May 15 Canada Pension Plan Investment Board
(CPPIB), the country's biggest public pension fund, said on
Monday it would invest $500 million in a joint venture with
Indian property developer IndoSpace.
The joint venture, IndoSpace Core, will buy and develop
logistics facilities in India, the companies said.
CPPIB will own a significant majority stake in the joint
venture, while IndoSpace Capital Asia will manage it.
The joint venture will buy 13 industrial and logistics parks
located in cities, including Mumbai and Delhi, from IndoSpace
IndoSpace Core also has the option to buy additional
industrial and logistics parks, currently being developed by
IndoSpace funds, worth about $700 million.
(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak