In one of North India’s largest warehousing deals, alternative investment management company Blackstone has acquired 2.5 million sq ft of warehousing assets from Vertical Warehousing near Delhi for ₹700 crore, three persons aware of the development, said.
The asset is a mix of operational assets and strategic land parcels for future development. About 1.5 million sq ft of it is fully leased and operational.
“Blackstone has been increasing its warehousing presence in NCR as it is one of the fastest growing market for industrial and logistic sector. The current asset is located in Jhajjar in Haryana and connected to Gurgaon and Delhi,” said one of the persons quoted above.
The I&L sector attracted about $144 million across greenfield and brownfield assets from global and domestic players during the first half of 2022.
International property consultant CBRE was the transaction advisor for the deal.
Blackstone, CBRE and Vertical Warehousing declined to comment.
Headquartered in New Delhi, Vertical Warehousing owns and operates multiple Grade A logistic parks across Delhi NCR.
Earlier, Delhi based real estate developer TARC Ltd sold its warehousing asset in North Delhi to BREP Asia II EIP Holding, an affiliate of funds controlled, by Blackstone for ₹295 crore.
The Delhi-based LAS Ventures, which has a warehouse in the same region, is in talks to raise a ₹300-crore fund to develop grade A warehouses across the country.
The Delhi-based warehousing company is currently developing the first phase of a 1 million sq ft facility in Sohna, Gurgaon.
The Sohna-Ballabgarh market has gained prominence in the last two years since industrial and warehousing player ESR India acquired land there to establish a 77-acre warehouse.
The region is attracting foreign funds that want to acquire land for developing logistic parks through joint ventures.
Source: Economic Times