I Squared Capital has entered the Indonesian logistics market after agreeing to acquire industrial and cold storage platform Cella to seed a new platform in the country.
The global infrastructure manager is acquiring the business for an undisclosed sum from NWP Property and Japanese logistics specialist CRE.
Founded in 2022, Cella owns and operates a 231,000sqm portfolio of five operational assets across Greater Jakarta and Surabaya.
The deal expands I Squared’s global transport and logistics footprint, which already includes US supply chain provider WOW Logistics, European cold storage operator Cube Cold and Philippine platform Royal Cold Storage.
Harsh Agrawal, senior partner at I Squared Capital, said: “Indonesia is reaching an inflection point in the evolution of its industrial logistics and cold storage sector.
“As supply chains become more sophisticated and demand for modern logistics and cold storage infrastructure continues to accelerate, we see a compelling opportunity to build a leading logistics platform in one of Asia’s most dynamic economies.”
Bonny Setiawan, CEO at Cella, said: “I Squared is an ideal partner for our team, a firm that deeply understands infrastructure and shares our conviction in Indonesia’s logistics story.
“We look forward to building on the strong foundation we established, expanding our reach across industrial and cold-storage segments, and continuing to deliver value for our customers and stakeholders.”
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