May 15, 2017 / 1:10 PM / a year ago

CPPIB to invest $500 mln in JV with India's IndoSpace

May 15 (Reuters) - 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 development funds.

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 Dasgupta)

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