Logos enters India through Assetz joint venture
Logos has entered a partnership with Assetz Property Group to enable it to move into the Indian logistics market.
The Asia-Pacific logistics specialist and Indian developer announced that they expected to raise US$400m (€249m) for the joint venture.
Logos has an established presence in Australia, China and Singapore. Two of its investors, Canada Pension Plan Investment Board and Ivanhoé Cambridge, recently funded its expansion into Indonesia.
Logos India initially plans to develop logistics assets across Mumbai, Pune, Chennai, New Delhi, Bangalore, Hyderabad and Ahmedabad.
Trent Iliffe, joint managing director of Logos, said: “We are seeing extensive demand from both existing and new customers for institutional-grade logistics facilities across Asia-Pacific.
“Our expansion into India continues to show Logos’ commitment to establishing in growth markets alongside important customer relationships.”
Ben Salmon, co-founder and CEO of Assetz Property Group, said Assetz has a long history of partnering to enhance its business growth, and was confident the association with Logos would deliver a market-leading business in India.
“This is the coming together of two companies with complementary values,” he said. “We look forward to lending our local development expertise to Logos India.”
Logos India, based in Mumbai, is led by Miehul Shah, a supply-chain and logistics specialist with more than two decades of experience.
It will follow the business model employed by Logos in China, Australia and Southeast Asia, where it seeks capital partners as it establishes an operating platform to own and develop logistics facilities.
Logos India said it will reach out to its current institutional investor base, which also includes CBRE Global Investment Partners, to co-invest in its Indian projects.
Ivanhoé Cambridge and Macquarie Capital became strategic partners in Logos in 2016.