Embassy Group and Blackstone did not disclose the deal value. In 2015, the Bengaluru-based Embassy group had formed a joint venture with private equity firm Warburg Pincus to build industrial parks.
Warburg Pincus had a 70 per cent stake while the Embassy group has a 30 per cent shareholding in the joint venture firm – Embassy Industrial Parks.
Sources had last month indicated that the Embassy group was in the advance stage of talks with Blackstone to sell its warehousing and industrial parks business.
NYSE-listed Blackstone said in a statem vent that funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, 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 near urban centres.
“Blackstone is among the top 10 business groups in India by the total value of assets and the transaction will help reinforce the firm’s leading position in the office, retail, and logistics,” the statement said.
Embassy Industrial Parks’ warehouses are located across major industrial hubs in India including Bengaluru, Delhi NCR, Hyderabad, and Pune, and are leased to leading e-commerce and retail players.