Blackstone is among the top 10 business groups in the country in terms of total value.
Embassy Industrial Parks has about 1.06 crore square feet of logistics and warehousing assets in major cities of the country.
New Delhi. The country is struggling with the second wave of coronavirus. Many states have a lockdown. In the meantime, there has been a crisis on many economic activities, but in the meantime a news is giving relief. In this time of crisis, the commercial real estate sector has become the biggest deal in the country in recent years. In a major deal in the realty sector, Blackstone Real Estate bought Embassy Industrial Parks from Warburg Pincus and Embassy Group for Rs 5,250 crore. Embassy Industrial Parks has about 1.06 crore square feet of logistics and warehousing assets in major cities of the country. Blackstone is among the top 10 business groups in the country in terms of total value of assets. This transaction will help it to strengthen its position in office, retail and logistics. Also read: If you are buying a dream car, then keep these five things in mind; prices will benefit With the growth of urbanization, consumption and retail sector, there is a lot of opportunity in logisticsAshish Mohta, Head of Acquisition India, Blackstone Real Estate, said, “We are excited to announce this deal for the acquisition of the logistics portfolio from Embassy Industrial Parks. We believe that as the e-commerce business grows, the logistics space Demand will also pick up. ” He said that e-commerce in India is still in its early stages and with the increase of urbanization, consumption and retail sector, there are plenty of opportunities in it. Also read: Bad banks, public-private banks will be partnered to deal with NPAs in June
Blackstone Acquires Logistics Space Over 1.2 Billion Square Feet The warehouses of Embassy Industrial Parks are located near Bangalore, Delhi NCR, Hyderabad and Pune and have been leased to large e-commerce and retail companies. Blackstone has acquired more than 1.2 billion square feet of logistics space since 2010. India head of Blackstone Real Estate, Tuhin Paresh said, “We are determined to increase our presence in India. For the last 16 years we have been partnering with developers and governments to make major changes in assets and business. We have Launched the first two REITs of the country with success. ” This is one of the major deals in the commercial real estate sector in recent years. ALSO READ: Success Story: TPA left business to take care of parents, now has a portfolio of 3000 crores