Blackstone acquires Embassy Industrial Parks from Warburg Pincus

NEW DELHI: Funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, Blackstone said in a media release.

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, and are leased to leading e-commerce and retail players.

“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,” said Jitu Virwani, chairman and managing director of Embassy Group.

Logistics is one of Blackstone’s core investment themes globally. Since 2010, Blackstone has acquired more than 1.2 billion square feet 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 Indiabulls Real Estate (IBREL).

They 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 per cent stake in Mumbai-based IBREL and the same will increase to 45 per cent after the merger of assets of these two companies.