AlternativesDecember 8, 2025

CPPIB Increases India-Based Assets With Acquisition of 6 Industrial Logistics Parks

The latest transaction marks the pension fund’s fourth significant investment in Indian infrastructure since 2022.

Reported by Michael Katz

Canada’s CPP Investments continues to add to its holdings in India, as its majority-owned, Mumbai-based joint venture, IndoSpace Core, acquired six industrial and logistics parks valued at 30 billion rupees, ($333.5 million), C$217 million ($156.7 million) of which was paid by the Canadian pension giant.

CPPIB owns 93% of the joint venture, created in 2017 to acquire and develop logistics facilities in India. Local industrial and logistics real estate operator IndoSpace, part of the Singapore-based Everstone Group, owns the remaining 7%. According to IndoSpace Core, it is the largest operator of stabilized industrial and logistics real estate in India.

The logistics parks, located in the Bengaluru, Chennai, Delhi, Mumbai and Pun markets, include a total of 380 acres, approximately 9 million square feet of which is leasable, per the CPPIB. According to the joint venture, the recent acquisition raised its total amount of leasable space in India to 22 million square feet from 13 million square feet and increased its acreage to 948 from 568.

“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” Hari Krishna, CPPIB’s head of real estate in India, said in a statement. “We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.”

The pension fund has been increasing its investments in India, particularly in infrastructure. In March, the CPPIB made its third follow-on investment in India’s National Highways Infra Trust, an infrastructure investment trust sponsored by the National Highways Authority of India. The 20.8-billion-rupee investment in NHIT units, earmarked to acquire 11 operating toll roads, followed an 18.2-billion-rupee investment last year toward the acquisition of seven operational toll roads and a 3.58-billion-rupee investment made in 2022 to acquire three toll roads.