I Squared Capital Launches Industrial Logistics and Cold Storage Platform in Indonesia with the Acquisition of Cella from NWP Property & CRE

I Squared Capital, a major infrastructure investor, has acquired Cella, a cold storage and industrial logistics platform in Indonesia, from NWP Property & CRE. This transaction represents expansion of emerging-market logistics infrastructure, a sector benefiting from rising e-commerce and food supply chain digitalization across Southeast Asia.

The deal underscores institutional capital's shift toward underinvested logistics hubs in developing economies where modern warehousing infrastructure remains fragmented. Indonesia's logistics market has substantial growth tailwinds driven by population density, rising middle-class consumption, and agricultural exports requiring temperature-controlled distribution networks.

As a private acquisition by a PE/infrastructure firm, this transaction lacks direct public-market implications, though it signals investor confidence in regional logistics consolidation. The cold storage segment specifically addresses supply chain resilience post-pandemic, a structural trend favoring specialized logistics providers over generalist operators.

Sector implication: The deal reflects capital reallocation toward Real Estate and Industrials subsectors in emerging markets, particularly logistics and supply-chain infrastructure. Traditional REIT and industrial property stocks may face indirect competitive pressure from well-capitalized alternative-asset managers entering logistics in high-growth geographies.