IndoSpace, the largest investor, developer, and operator of grade A industrial and logistics real estate in India, has announced the successful completion of its second round of fundraising for IndoSpace Logistics Parks IV (ILP IV), securing an additional $150 million in investment.

The round was led by the Qatar Investment Authority (QIA), and Grosvenor’s Diversified Property Investments business, IndoSpace said in a statement on Tuesday.

Following the initial close of $243 million, this second round of funding increases the fund size to $393 million and demonstrates the continued confidence and support from leading global investors in IndoSpace’s advanced approach to industrial real estate development in India.

QIA and Grosvenor’s participation in this round reflects the attractive opportunity to develop modern grade A industrial and logistic parks in the world’s fastest growing large economy.

The funds raised in this round will continue to advance IndoSpace’s mission of developing state-of-the-art industrial and logistics parks across the top eight markets in India.

With a strong focus on sustainability and modern design, IndoSpace provides infrastructure and solutions to meet the evolving needs of businesses operating in the e-commerce, manufacturing, retail, and logistics sectors.

The firm has a proven track record of leveraging its deep understanding of market dynamics and strong industry relationships to deliver returns to investors while also driving economic growth and job creation in India.

ILP IV will add an additional 25 million square feet to 30 million square feet to the IndoSpace portfolio, furthering IndoSpace’s leading position in the Indian market.

ILP IV will focus on India’s largest logistics real estate markets: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune.

The establishment of ILP IV follows on from the first three development funds, which have a combined total of 58 million square feet of modern logistics real estate in India completed and under development.

QIA is the sovereign wealth fund of the State of Qatar. The firm was founded in 2005 to invest and manage the state reserve funds.

QIA is among the largest and most active sovereign wealth funds globally.

The firm invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.

Grosvenor Diversified Property Investments backs local partners globally, who share Grosvenor’s core values, have specialist expertise and a demonstrable investment track record.

The team sits within the wider Grosvenor business, an international organization whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.

By investing Grosvenor’s own capital alongside local partners who have a clear understanding of the changing demands of real estate in their markets, the business aims to generate strong commercial results, while advancing Grosvenor’s social and environmental ambitions.

Since its first partnership in 2012, the team has successfully backed aligned, specialist, local management teams across five continents and in a broad range of sectors including industrial/ logistics, student accommodation, life sciences, healthcare, housing, and offices.

GIC and ESR establish a US$600 million Joint Venture to invest in Core Industrial and Logistics Assets in India