I Squared Capital Expands Indonesian Logistics Play with Cella Acquisition — I Squared Capital

Event summary

I Squared Capital to acquire Cella, an Indonesian industrial logistics and cold storage platform with five facilities totaling 231,000 square meters of net leasable area.
Cella serves blue-chip customers across e-commerce, third-party logistics, retail, and consumer goods sectors in Greater Jakarta and Surabaya.
Transaction expected to close in Q3 2026; financial terms not disclosed.
I Squared plans to expand Cella organically and through acquisitions into a leading logistics platform in Indonesia.

The big picture

I Squared Capital's acquisition of Cella aligns with Indonesia's rising demand for modern logistics facilities driven by e-commerce growth and supply chain diversification. The deal strengthens I Squared's global transport and logistics portfolio, which includes platforms in the US, Europe, and the Philippines. With over $60 billion in assets under management, I Squared is positioning itself to capitalize on long-term structural trends in Asia's industrial logistics sector.

What we're watching

Market Penetration: How I Squared will address Indonesia's underpenetrated logistics market relative to more mature regions.
Organic Growth: The pace at which Cella can expand its facility portfolio beyond the current five locations.
Strategic Acquisitions: Whether I Squared can successfully integrate additional acquisitions to build a market-leading platform.