Blackstone To Acquire Embassy Industrial Parks For Rs 5,250 Cr
Private equity giant Blackstone Group is set to acquire Embassy Industrial Parks for Rs 5,250 crore ($700 million) from Warburg Pincus and the Embassy Group. The transaction between Blackstone, Warburg Pincus and Embassy Group has been finalised with all the key contours and is expected to be announced in the next few days. Embassy Industrial Parks has 22 million sq ft of assets.
The deal will make Blackstone the biggest warehousing landlord and retail asset owner in India. It would also be India’s first large private equity (PE) transaction of 2021 and the largest ever logistics and warehousing deal in the country.
Of Embassy Industrial Parks’ 22 million sq ft assets, 3.5 million sq ft is leased to clients like Rhenus Logistics, Myntra, Mahindra Logistics, FirstCry, Delhivery and Amazon. Its assets include warehouses in Sriperumbudur (Tamil Nadu), Hyderabad, Hosur (Tamil Nadu), Farrukhnagar (Delhi-NCR), Chakan (Pune), Bilaspur and land in Bengaluru.