Blackstone Real Estate took over Embassy Industrial Parks from Warburg Pincus and Embassy Group in a $700-million deal comprises 22 million sq. ft. of Grade A logistics and warehousing assets located in urban centres catering to tenants in major sectors.
Asheesh Mohta, Head of Blackstone’s Real Estate India Acquisitions, said, “Logistics is one of the firm’s highest global conviction themes, anchored by our belief that e-commerce trends will further fuel demand for logistics space especially near city centres. This is particularly true in India, where e-commerce is heavily under penetrated compared to major economies around the world. For instance, Bengaluru, the e-commerce hub, only has 30 million square feet of total Grade A and B warehouse space compared to 1.2 billion sq. ft. in Chicago.”
“We are extremely focussed 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.” Tuhin Parikh, Blackstone’s Head of Real Estate
