Blackstone buys Embassy Industrial Parks from Warburg Pincus

Blackstone Real Estate has acquired Embassy Industrial Parks across India from Warburg Pincus and Embassy Group. Embassy Industrial Parks has 10.6 million square feet (sq ft) of modern Grade A logistics and warehousing assets located across major industrial hubs in India, including Pune, Bengaluru, Hyderabad, Delhi NCR, and are leased to leading e-commerce and retail players. Embassy Group told the media that the company aims to consolidate its resources towards the growth of its core businesses of office and residential development and management. The company cited that the transaction Blackstone Real Estate along with the upcoming merger with Indiabulls Real Estate (IBREL), is a strategic move in that direction. Blackstone has logistics as one of its core investment themes worldwide. Since 2010, the company has acquired over 1.2 billion sq ft of logistics. In February 2021, the Competition Commission of India (CCI) approved the proposed merger of NAM Estates and Embassy One Commercial Property Developments into IBREL. The companies had entered into a definitive merger documentation to amalgamate ongoing, completed and planned residential and commercial projects of these two subsidiaries. Embassy Group already has around 14% stake in Mumbai-based IBREL, and the same will jump to 45% after the merger of assets of these two companies. Image SourceAlso read: Blackstone set to become biggest warehouse landlord