I Squared Capital (“I Squared”), a leading independent global infrastructure investor, today announced it has entered into a definitive agreement to acquire Cella (“Cella” or the “Company”), an Indonesian industrial logistics and cold storage platform from NWP Property, one of Indonesia’s largest real estate platforms focusing on consumer infrastructure economy and CRE, Inc., a Japan-based logistics facility specialist.

Founded in 2022, Cella owns and operates a portfolio of five operational modern logistic and cold storage facilities totaling approximately 231,000 square meters of net leasable area, strategically located across Greater Jakarta and Surabaya. Cella provides end-to-end industrial and cold storage solutions to a diversified base of blue-chip customers across e-commerce, third-party logistics, retail and consumer goods sectors.

Indonesia is emerging as one of Asia’s most attractive industrial logistics markets, driven by rising domestic consumption, rapid e-commerce adoption and the continued diversification of global manufacturing supply chains. As demand for modern logistics facilities continues to grow, the market remains significantly underpenetrated by institutional capital relative to more mature logistics markets, creating a compelling opportunity to develop high-quality logistics infrastructure that supports Indonesia’s long-term economic growth.

Harsh Agrawal, Senior Partner at I Squared Capital, commented, “Indonesia is reaching an inflection point in the evolution of its industrial logistics and cold storage sector. As supply chains become more sophisticated and demand for modern logistics and cold storage infrastructure continues to accelerate, we see a compelling opportunity to build a leading logistics platform in one of Asia’s most dynamic economies.”

He added, “Over the past decade, I Squared has built and scaled infrastructure platforms across Asia by partnering with experienced local management teams and investing behind long-term structural growth trends. We believe Cella provides an excellent foundation to create a market-leading logistics, cold storage and supply chain infrastructure platform in Indonesia that supports the country’s continued economic development.”

Bonny Setiawan, Chief Executive Officer at Cella, said, “I Squared is an ideal partner for our team, a firm that deeply understands infrastructure and shares our conviction in Indonesia’s logistics story. We look forward to building on the strong foundation we established, expanding our reach across industrial and cold-storage segments, and continuing to deliver value for our customers and stakeholders.”

Through organic growth and strategic acquisitions, I Squared intends to expand Cella into a leading industrial logistics and cold storage platform serving Indonesia’s evolving supply chains. The investment builds on I Squared’s long track record of developing and scaling infrastructure platforms across Asia and further strengthens the firm’s growing global transport and logistics portfolio which includes WOW Logistics, a Midwestern US supply chain solutions provider; Cube Cold, a European cold storage platform; and Royal Cold Storage, a cold storage platform in the Philippines.

The transaction is expected to close in 3Q 2026, subject to customary closing conditions. The financial terms of the transaction were not disclosed.

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

About Cella

Cella is an Indonesia-focused industrial logistics and cold-storage platform headquartered in Greater Jakarta. The Company today owns and operates a portfolio of modern industrial logistics and cold-storage facilities across Greater Jakarta and Surabaya, serving customers across e-commerce, retail, third-party logistics, and consumer goods. Founded in 2022, Cella is focused on developing and operating well-located, institutional-quality logistics infrastructure across Indonesia.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk; loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

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