Blackstone Acquires Embassy Industrial Parks & Embassy Grp

BY Realty Plus
Published - May 12, 2021 5:04 AM

Share It

Blackstone on May 10 announced that funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, in one of India’s largest logistics transactions worth Rs 5,250 crore. Embassy Industrial Parks comprises 10.6 million square feet of modern Grade A logistics and warehousing assets near urban centres. Blackstone is among the top 10 business groups in India by total value of assets and the transaction will help reinforce the firm’s leading position in office, retail and logistics, the company said. Embassy Industrial Parks’ warehouses are located across major industrial hubs in India, including Bangalore, Delhi NCR, Hyderabad, and Pune, and are leased to leading e-commerce and retail players. “We are excited to announce this acquisition of a best-in-class logistics portfolio from Embassy Industrial Parks. Logistics is one of the firm’s highest global conviction themes, anchored by our belief that e-commerce trends will further fuel demand for logistics space especially near city centers," said Asheesh Mohta, head of Blackstone’s Real Estate India Acquisitions. Tuhin Parikh, Blackstone’s head of Real Estate India, said: “We are committed to growing our presence in India. For the past 16 years, we’ve been partnering with local developers and governments to transform assets and businesses, and help communities prosper. We’ve successfully launched the country’s first two REITs, with the very first Embassy Office Parks REIT marking its second-year anniversary this month, and recently announced the acquisition of a portfolio of commercial properties.” “The partnership with Warburg Pincus has been extremely valuable to us and they will remain our trusted partners. This transaction between Embassy Group and Blackstone further strengthens and reinforces our partnership," said Jitu Virwani, chairman and managing director of Embassy Group, said. Virwani further said they were extremely focused on consolidating their resources towards the growth of their core businesses of office and residential development and management. "This transaction with Blackstone Real Estate along with the upcoming merger with IBREL is a strategic move in that direction," the chairman added.