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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Embassy group in talks with Blackstone to sell warehouse biz for Rs 1,800 cr enterprise value
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Embassy group in talks with Blackstone to sell warehouse biz for Rs 1,800 cr enterprise valuePTI
Last Updated: Apr 09, 2021, 05:32 PM IST
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Synopsis
In 2015, the Bengaluru-based Embassy group had formed a joint venture with private equity firm Warburg Pincus to build industrial parks. Warburg Pincus has a 70 per cent stake while the Embassy group has a 30 per cent shareholding in the joint venture firm Embassy Industrial Parks.
Agencies
Embassy Group already has around 14 per cent stake in Mumbai-based IBREL, which is part of the Indiabulls group.
Realty firm Embassy group is in the advance stage of talks with global investment firm Blackstone to sell its warehousing and industrial parks business at an enterprise value of around Rs 1,800 crore, sources said. In 2015, the Bengaluru-based Embassy group had formed a joint venture with private equity firm Warburg Pincus to build industrial parks. Warburg Pincus has a 70 per cent stake while the Embassy group has a 30 per cent shareholding in the joint venture firm Embassy Industrial Parks. According to sources, the Embassy group is in discussion with the Blackstone group for the complete divestment of the JV firm.