Blackstone to enter $700M deal to acquire Embassy Industrial Parks
Category: #retail  By Pankaj Singh  Date: 2021-02-08
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Blackstone to enter $700M deal to acquire Embassy Industrial Parks

Blackstone Group, an investment management company, is reportedly set to take over Embassy Industrial Parks from Embassy Group and Warburg Pincus. The upcoming deal is likely to be closed at an enterprise valuation of $700 million (₹ 5,250 crore).

Sources familiar with the matter have reportedly stated that the transaction between Warburg Pincus, Blackstone, and Embassy Group has successfully been finalized with all key contours. The deal is also expected to be announced over the next few days.

For the record, Embassy Industrial Parks, a 70-30 JV (joint venture) between Warburg Pincus & Embassy, has maintained 22 million sq. ft. of assets in total, out of which, 3.5 million sq. ft. assets are leased to its clients such as Amazon, Delhivery, FirstCry, Mahindra Logistics, Myntra, and Rhenus Logistics. Warehouses in Sriperumbudur, Tamil Nadu; Chakan, Pune; Farrukhnagar, Delhi-NCR; Hosur, Tamil Nadu; Hyderabad; and land in Bengaluru are some of its assets. Moreover, Blackstone already has a warehousing asset portfolio of 18 million sq. ft. via its stake acquisitions in Hiranandani Group and warehousing assets of Allcargo Logistics.

With the complete buyout transaction, Blackstone will expand its business and become India’s largest warehousing landlord & retail asset owner. It is also expected to be the 1st large PE (private equity) transaction of 2021 as well as the biggest logistics & warehousing agreement in the region.

Blackstone considers the logistics sector as one of its largest asset classes. The company has made nearly $55 billion investments and holds warehousing space of 575 million sq. ft. It has become an aggressive institutional investor in the real-estate sector in India, with above $50 billion worth of assets. In addition, it is also the largest office-holder in the region, with 118 million sq. ft. of assets in 6 cities across India.

Warburg, Blackstone, and Embassy Group declined to immediately respond to requests for comments on the recent announcement.

Source credit:

https://www.moneycontrol.com/news/business/blackstone-to-acquire-embassy-industrial-parks-for-rs-5250-crore-report-6465811.html



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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