One of the biggest private equity investors in India, ‘Blackstone’, on May 10 2021 announced that they have acquired Embassy Industrial Parks from Warburg Pincus and realty firm Embassy group in one of India’s big-ticket logistics transactions worth Rs 5,250 crore. This deal turns out to be a blessing in disguise for Blackstone as it gives them a foothold in the warehousing industry and makes them the top-tier warehousing landlord and retail asset owner in India.
Embassy Industrial Parks incorporate 10.6 million Sq.Ft. of modern Grade A logistics and warehousing assets across industrial corridors in India, including cities like Pune, Hyderabad, Bengaluru and Delhi NCR. Moreover, Embassy Industrial Parks’ warehouses are given on rent to big e-commerce and retail players.
Since 2010, one of the largest global investors in India ‘Blackstone’ has attained more than 1.2 billion square feet of logistics. As per the company’s spokesperson, “Blackstone is among the top 10 business groups in India and the total value of assets and transactions will help Blackstone strengthen its prominent position in the office, retail and logistics.”
Asheesh Mohta, head of Blackstone’s Real Estate India Acquisitions, said: “We are ecstatic to announce this acquisition of a world-class logistics portfolio from Embassy Industrial Parks.” He further added, “Logistics is one of Blackstone’s core investment themes globally and they strongly believe that e-commerce trends will further raise the demand for logistics space specifically near city centres.”
Chairman and managing director of Embassy Group, Jitu Virwani, said: “Old partnership with Warburg Pincus has always been valuable to us and they will continue to remain our trusted partners.” Jitu Virwani mentioned, “Embassy Group’s logistics transaction with Blackstone along with the forthcoming merger with IBREL firm is a well-planned move and it will help us fortify our core business.”
One of the largest global investors in India, Blackstone has USD 196 billion of investor capital under management. Blackstone owns assets and operates across significant sectors, including multifamily, single-family housing, logistics, retail and hospitality.