IndoSpace has established the largest-ever logistics real estate fund in India, raising US$580m (€514m) for IndoSpace Logistic Parks III.

Global logistics group GLP, which formed a partnership with IndoSpace earlier this year, is investing in the fund alongside a number of global institutional investors.

Yesterday, GLP and Everstone, the parent company of IndoSpace, announced a US$500m partnership to invest in Indian logistics technology.

IndoSpace, India’s biggest developer of industrial and warehousing facilities, said the fundraise was significantly oversubscribed on the back of strong investor demand.

Sameer Sain, co-founder of Everstone and IndoSpace, said: “The successful fundraise is a big endorsement of IndoSpace’s leadership in the industrial and logistics real estate space in India.”

Ming Mei, GLP’s co-founder and CEO, said the capital raised would strengthen IndoSpace’s market position and provide a better network of logistics facilities across India.

With leverage, the fund will have a purchasing power of more than US$1.2bn to develop and acquire assets.

Today, Indospace has an industrial portfolio encompassing 30m sqft and including 30 industrial and logistics parks in nine cities.

The company said it was committed to building 120m sqft of modern logistics infrastructure to support the growth and moderniation of India’s supply chains.