I Squared Capital, a global infrastructure investor, has entered into a definitive agreement to acquire Cella, an Indonesian industrial logistics and cold storage platform, from NWP Property and Japan-based logistics facility specialist CRE, Inc. Founded in 2022, Cella owns and operates five modern logistics and cold storage facilities with a combined net leasable area of approximately 231,000 square metres. The properties are strategically located across Greater Jakarta and Surabaya, two important centres for Indonesia’s industrial and consumer economy.
Cella provides logistics and cold storage infrastructure to a diversified customer base that includes e-commerce companies, third-party logistics providers, retailers and consumer goods businesses. The platform is positioned to benefit from the growing requirement for modern warehousing and temperature-controlled storage in Indonesia.
Indonesia’s logistics sector is expanding rapidly, supported by rising domestic consumption, increasing e-commerce activity and changes in global manufacturing supply chains. The growth of organised retail and online commerce is creating greater demand for strategically located warehouses and modern logistics facilities.
Despite this demand, Indonesia’s logistics infrastructure market remains relatively underpenetrated by institutional investors compared with more developed markets in the region. I Squared Capital sees an opportunity to expand the availability of high-quality logistics infrastructure while supporting the country’s long-term economic development.
Harsh Agrawal, Senior Partner at I Squared Capital, said Indonesia is reaching an important stage in the development of its industrial logistics and cold storage sector. He said the increasing sophistication of supply chains and demand for modern infrastructure provide an attractive opportunity to build a major logistics platform in the country.
Bonny Setiawan, Chief Executive Officer of 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.”
Following completion, I Squared Capital plans to expand Cella through organic development and strategic acquisitions. The objective is to establish a leading industrial logistics and cold storage platform serving Indonesia’s evolving supply chains. The investment also expands I Squared Capital’s transport and logistics portfolio, which includes WOW Logistics in the United States, Cube Cold in Europe and Royal Cold Storage in the Philippines. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Financial terms were not disclosed.
I Squared Capital manages more than $60 billion in assets and invests across power and utilities, transportation and logistics, digital infrastructure, environmental infrastructure and social infrastructure. The firm has a portfolio of more than 100 companies operating across over 70 countries.
