Photo: Remy Gieling / Unsplash.com
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.
Synopsis
Embassy Industrial Parks a 70-30 joint venture between Warburg Pincus and Embassy has total 22 million sq ft logistics assets across India s major consumption centers including metros.
Being one of the largest owners of warehousing spaces globally, the group is moving swiftly to create a large portfolio in India and market watchers say that it is in advanced talks with developers to acquire and build warehousing assets
Private equity major Blackstone Group has acquired Embassy Industrial Parks at an enterprise valuation of Rs 5,250 crore from Warburg Pincus and Embassy Group in the largest yet logistics and warehousing deal in the country.
Embassy Industrial Parks – a 70-30 joint venture between Warburg Pincus and Embassy – has 22 million square feet logistics assets across the country’s major consumption centres, including metros.
Blackstone buys Embassy arm for ₹5,250 crore
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Blackstone on Monday announced that funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group for ₹5,250 crore, in one of India’s largest logistics transactions.
Embassy Industrial Parks comprises 10.6 million square feet of modern Grade A logistics and warehousing assets located across major industrial hubs in India, including Bengaluru, Delhi NCR, Hyderabad and Pune.
These are leased to leading e-commerce and retail players.
Logistics is one of Blackstone’s core investment themes globally. Since 2010, Blackstone has acquired more than 1.2 billion square feet of logistics.
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