I Squared Capital recently entered into a definitive agreement to acquire Cella, an Indonesian industrial logistics and cold storage platform, from NWP Property and CRE. The acquisition will expand I Squared’s logistics infrastructure portfolio with five operational modern logistics and cold storage facilities across Greater Jakarta and Surabaya.

The company, which operates industrial logistics and cold storage facilities, provides end-to-end solutions for customers across e-commerce, third-party logistics, and retail and consumer goods sectors. Cella’s portfolio includes approximately 231,000 square meters of net leasable area across its five facilities.

I Squared plans to expand Cella into a larger industrial logistics and cold storage platform through growth and acquisitions. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Financial terms were not disclosed.

"Indonesia is reaching an inflection point in the evolution of its industrial logistics and cold storage sector,” Harsh Agrawal, senior partner at I Squared Capital, said. “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.”

What this means for the trucking industry

The acquisition expands investment in Indonesia’s logistics and cold storage infrastructure, which could create additional capacity for companies moving temperature-sensitive and consumer goods freight. For fleet executives supporting global supply chains, the development signals continued demand for modern logistics networks that improve storage and distribution capabilities.