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May 11, 2021
Funds managed by Blackstone Real Estate, part of global asset management firm Blackstone Group, has acquired Embassy Industrial Parks (EIP) from Warburg Pincus Inc. and Embassy Group for an enterprise value of $700 million in one of the largest deals in India’s emerging warehousing sector.
The transaction has been done in two tranches. In the first tranche announced on Monday, Blackstone has acquired 10.6 million sq. ft for $400 million from private equity firm Warburg Pincus Inc.
In the second tranche, expected to be completed by this month-end, Blackstone will buy the remaining 11 million sq. ft for $300 million, said a person familiar with the development.