Business

Blackstone buys Embassy arm for ₹5,250 crore

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.

Tuhin Parikh, Blackstone’s Head of Real Estate India, said, “We are committed to growing our presence in India. India is a unique market with solid growth potential, supported by its global leadership in information technology, strong talent pool, and government initiatives to attract foreign investment such as the introduction of a simplified tax structure and infrastructure projects.”

Jitu Virwani, CMD, Embassy Group, said, “We are extremely focused on consolidating our resources towards the growth of our 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.”


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Printable version | Jun 24, 2021 12:55:12 PM | https://www.thehindu.com/business/blackstone-buys-embassy-arm-for-5250-crore/article34530441.ece

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