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Blackstone Group – a global leader in real estate investment – has signed the largest warehousing deal in North India, acquiring 2.5 million sq.ft. Vertical warehousing to warehousing resources.
The deal revolves around a piece of land near Delhi and was negotiated for Rs 700 crore, according to sources. International property consultancy CBRE was the transaction advisor on the deal. The assets are a mix of operational assets and strategic land parcels for future development. It has approximately 1.5 million square feet fully leased and operational.
“Blackstone continues to increase its warehousing presence in NCR as it is one of the fastest growing markets for the industrial and logistics sector. The current asset is located in Jhajjar in Haryana and is connected to Gurgaon and Delhi,” said a source, though officially Blackstone, CBRE and Vertical Warehousing declined to comment.
Earlier, Delhi-based real estate developer TARC Ltd sold its warehouse assets in North Delhi to BREP Asia II EIP Holding, an affiliate of funds managed by Blackstone, for ₹295 crore.
Delhi based Vertical Warehousing owns and operates multiple Grade-A Logistics Parks across Delhi NCR. Interestingly, another Delhi-based firm – LAS Ventures – also has a warehouse in the region and is trying to fuel its investment of Rs 300 crore to develop A grade warehouses across the country.
The Sohna-Ballabgarh market has gained prominence in the last two years as industrial and warehousing player ESR India acquired land to set up a 77-acre warehouse there. The region is attracting foreign funds who want to acquire land for logistics park development through joint ventures.
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