Indian industrial real estate developer IndoSpace closed its IndoSpace Logistic Parks III real estate fund with total equity commitments amounting to US$580 million.

The oversubscribed fundraising for IndoSpace Logistic Parks will allow the largest logistics real estate fund in India to have a US$1.2 billion cash reserve for the purchase and development of industrial and logistics-related real estate investments in the country.

The fundraising also increased IndoSpace's aggregate commitment for the country to well above US$3.2 billion. It will allow the developer, which teamed up with Singapore-based logistics space provider GLP Pte. Ltd. in September, to quadruple its portfolio to 120 million square feet from approximately 30 million square feet spread across developed and under-construction projects, according to a press release.

IndoSpace was co-founded by private equity firm Everstone Group.