Blackstone forms joint venture with Hiranandani for logistics venture

US-based private equity major Blackstone Group has entered into a 50:50 joint venture with realty developer Hiranandani Group to build, own and operate Industrial, logistics and warehousing assets across India. This marks foray on Blackstone, one of the largest owners of warehousing spaces globally, into India’s logistics sector after emerging as the owner of the country’s largest office real estate portfolio here. Though this venture, both the entities will be investing over Rs 2,500 crore initially to develop the 12 million sq ft industrial and warehousing assets portfolio of Hiranandani’s logistics venture GreenBase and additional assets built up coming through acquisitions of land or warehousing assets in other locations. The platform will initially include Hiranandani GreenBase’s 267 acres in Pune, 115 acres in Chennai’s industrial suburb Orangadum, 73 acres in Nashik and around 25 acres in Durgapur, West Bengal.