BENGALURU : Funds managed by Blackstone Real Estate, part of global asset management firm Blackstone Group Lp, has acquired Embassy Industrial Parks (EIP) from Warburg Pincus Inc. and Embassy Group for an enterprise value of $700 million in one of the largest deals in India’s emerging warehousing sector. In the first tranche announced on Monday, Blackstone has acquired 10.6 million sq. In the second tranche, expected to be completed by this month-end, Blackstone will buy the remaining 11 million sq. Warburg and real estate firm Embassy Group had earlier signed a $250 million deal to build industrial and warehousing spaces in the country. Tuhin Parikh, Blackstone’s head of real estate India, said, “We are committed to growing our presence in India.

Source: Mint May 10, 2021 12:11 UTC