: Canada’s Ivanhoé Cambridge and QuadReal Property Group are backing Logos Property’s India expansion through a joint venture that expects to invest $800 million in logistics facilities across the country.
QuadReal manages the real estate portfolio of British Columbia pension fund giant bcIMC. It is joining Montreal-based Ivanhoe Cambridge to back Logos India Logistics Venture, a warehouse development initiative first announced in August this year.
According to a statement by the investment managers and their partners, the Canadian investors are joining with Aussie-managed Logos Property and its India-based partner Assetz Property Group in the joint venture which aims to build modern logistics facilities in select cities across the world’s second-most-populous country.
“We are pleased to invest in the logistics space in India, a promising high-growth real estate sector,” said Rita Rose Gagné, President for Growth Markets with Ivanhoé Cambridge in the statement. “India is a strategic market for Ivanhoé Cambridge and we are continuing to grow our presence and our footprint there.”
The Canadian investors are combining to provide $400 million in equity for the Logos India Logistics Venture, with the JV partners planning to raise an additional $400 million in debt, according to an account in Reuters today.