Private-equity firm I Squared Capital agreed to acquire Indonesian industrial logistics and cold-storage platform Cella, expanding its presence in Southeast Asia's logistics sector.

I Squared, which manages more than $60 billion in assets across infrastructure sectors, will acquire Cella from NWP Property, one of Indonesia's largest real-estate platforms, and Japan-based logistics facility specialist CRE Inc.

Financial terms weren't disclosed.

The acquisition builds on I Squared's transport and logistics portfolio, coming after the firm last year acquired a controlling stake in Royale Cold Storage, an operator in the Philippines.

Dealmaking in industrial logistics and cold storage in Southeast Asia is supported by factors including population growth, urbanization and maturing consumer preferences.

In I Squared's view, Indonesia is one of Asia's most attractive industrial logistics markets thanks to rising domestic consumption, e-commerce adoption and global supply-chain diversification.

"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," it said.

In the Philippines, similar trends are expected to drive double-digit annual growth in the cold-storage sector over the next decade.

The private-equity investor's portfolio also includes WOW Logistics in the U.S. and Cube Cold in Europe.

I Squared expects to close the Cella deal in the third quarter, subject to customary closing conditions.

Founded in 2022, Cella owns and operates five modern logistics and cold-storage facilities across Greater Jakarta and Surabaya.

I Squared said it plans to expand Cella through organic growth and strategic acquisitions, aiming to build a leading logistics and cold-storage platform in Indonesia.

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