India-focussed private equity and real estate firm, Everstone Capital Advisors, is planning to raise a second industrial property fund next year, according to a report by The Economic Times of India.
The $350 million fund would succeed Everstone’s current vehicle, IndoSpace Logistics Parks, which was raised in joint venture with US-based Realterm Global and attracted $240 million in April 2009.
The fund has been partially-invested in three logistics parks across India which have been leased to L’Oreal India, the Indian branch of the global cosmetics company, among other tenants.
Sameer Sain, Everstone’s managing partner told the newspaper: the “Decision to raise another fund is based on need.”
“We are the largest and only organised player in industrial warehousing now. We are looking at setting up three to four more such logistics parks and then the balance of the [first] fund would be fully committed,” he added, indicating that the second round of warehousing would be developed in Bangalore, Mumbai, Pune and Chennai.
In addition to managing two private equity funds, Everstone also manages the Horizon Realty Fund, a $350 million opportunity fund which closed in 2006. That fund was invested in retail-led developments in Mumbai, Bengaluru and Hyderabad.
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