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Blackstone Real Estate acquires Embassy Industrial Parks in $700-m deal
May 11, 2021
Embassy Industrial Parks’ warehouses are located across major industrial hubs in India
In one of the largest logistics transactions in India, PE fund Blackstone on Monday announced that funds managed by Blackstone Real Estate have bought Embassy Industrial Parks from Warburg Pincus and Embassy Group in a $700-million (₹5,250 crore) deal.
Embassy Industrial Parks comprises 22 million square feet of Grade A logistics and warehousing assets located in urban centres catering to tenants in major sectors. Blackstone, in the first tranche, is to pick up 10.6 million square feet and the balance would be acquired in two weeks.
In one of the largest logistics deals in the country in recent years, US-based private equity fund manager Blackstone Group has bought Embassy Industrial Parks from Warburg Pincus and Embassy Group. Though Blackstone did not disclose the deal value, sources in the industry pegged the transaction at an enterprise value of Rs 5,250 crore.
Embassy Industrial Parks comprises 22 million square feet of modern logistics and warehousing facilities, as well as yet-to-be-built assets, located across Bengaluru, Delhi-NCR, Hyderabad, and Pune. These are leased to leading e-commerce and retail players. Warburg Pincus had a 70 per cent stake in the $250-million joint venture (JV) set up in 2015, while Embassy had 30 per cent.