Blackstone buys Embassy Industrial Parks

New Delhi Global investment firm Blackstone on Monday announced the acquisition of Embassy Industrial Parks, a joint venture firm of Warburg Pincus and realty firm Embassy group.

Embassy Group and Blackstone did not disclose the deal value. In 2015, the Bengaluru-based Embassy group had formed a joint venture with private equity firm Warburg Pincus to build industrial parks. Warburg Pincus had a 70 per cent stake while the Embassy group has a 30 per cent shareholding in the joint venture firm-Embassy Industrial Parks.

Sources had last month indicated that the Embassy group was in the advance stage of talks with Blackstone to sell its warehousing and industrial parks business.