I Squared Capital agrees to buy Indonesian logistics and cold storage platform Cella

I Squared Capital has signed a definitive agreement to acquire Cella, an Indonesian industrial logistics and cold storage platform, from NWP Property, a large Indonesian real estate platform, and CRE, Inc., a Japan-based logistics facility specialist. The companies announced the agreement in a press release dated August 6, 2026.

Founded in 2022, Cella owns five operational logistics and cold storage facilities totaling about 231,000 square meters of net leasable area. It serves customers in e-commerce, third-party logistics, retail and consumer goods.

I Squared said Indonesia's industrial logistics market is underpenetrated by institutional capital compared with more mature markets. Harsh Agrawal, Senior Partner at I Squared, said the firm aims to build a leading logistics and cold storage platform in the country. Cella CEO Bonny Setiawan said the company will continue expanding across industrial and cold storage segments.