A leading development firm in real estate, Embassy Industrial Parks Hosur has purchased 124 acres of land on the outer bounds of Bengaluru, Karnataka. The land was strategically situated in the taluk of Nelamangala and has been attained from the KIADB (Karnataka Industrial Areas Development Board). The venture is a subsidiary of Embassy Industrial Parks, which was acquired in 2021 by Blackstone.
Through this acquisition of lands, Blackstone looks to develop this area in due course as an industrial park and leases. The property registration & sale deed were finished in the month of October 2023, and recently the paper works & documentation of the land acquisition completed. The firm had acquired Embassy Industrial Parks, which was a 70-30 joint venture between Warburg Pincus and the Embassy Group, at an enterprise value of Rs 5,250 crore.
Marking its footprints in office real estate segment, Blackstone is now focusing on the country’s warehousing and logistics sector with plans to launch real estate investment trusts.
Blackstone, world’s largest alternative asset manager with 40 million sq. ft. of warehousing space in India, has mutual alliances with the Hiranandani Group to spot and construct fresh warehousing assets. Also the company has a 90 percent stake in Allcargo Logistics. It has a global warehousing assortment of 1.2 billion sq. ft., which is 40 percent of its whole real estate assortment.
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