ESR To Take-up EIP Warehousing Business
Logistics fund ESR has initiated talks to buy realty firm Embassy Group’s warehousing and industrial business, Embassy Industrial Parks (EIP), for more than Rs 900 crore to the. EIP was in talks with IndoSpace to sell the portfolio prior to engaging with ESR. The deal, however, did not materialis
Published -
Oct 6, 2020 5:27 AM
Logistics fund ESR has initiated talks to buy realty firm Embassy Group’s warehousing and industrial business, Embassy Industrial Parks (EIP), for more than Rs 900 crore to the. EIP was in talks with IndoSpace to sell the portfolio prior to engaging with ESR. The deal, however, did not materialise. “ESR is currently conducting due diligence on the portfolio and the deal is expected to be concluded by the end of this year. Embassy is looking to monetise the completed and under construction assets of the platform. The deal will see Bengaluru-based Embassy Group exiting the warehousing business completely. In 2015, Embassy-Warburg Pincus jointly formed EIP, a $250 million logistics platform, to set up industrial parks. The PE firm now owns 70% stake in EIP, while Embassy Group holds the rest. The Embassy group wants to exit the warehousing business and focus on commercial and residential. The firm will use the money as growth equity.
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