Horizon Industrial Parks will be the third asset-specific platform for Blackstone in the country after Nucleus Office Parks will be used for commercial office and assets and shopping malls. Blackstone has announced to launch the best Indian logistics platform.
Blackstone Group LP global asset manager has set up a logistics vertical â€˜Horizon Industrial Parksâ€™ in India. It will house its existing assets, and which will be scaled up through acquisitions and Greenfield developments.
The portfolio currently comprises 16 Grade A logistics and warehousing assets, cross over 24 million sq ft area including under-development one, in location at Delhi-National Capital Region, Bengaluru, Hyderabad, and Pune. The firm values the assets under the platform which is about $900 million and Blackstone has invested $500 million.
Rahul Panit is appointed as chief executive officer of the logistics platform. Before this, a joint venture platform set by Warburg Pincus and Lemon Tree Hotels in 2018. Pandit became the heading the co-living firm Hamstede Living Pvt Ltd and he worked with Tata Groups Ginger hotel as well.Â
The platform is about $900 million and Blackstone has invested $500 million.
In an interview, Blackstone India’s head of acquisitions and senior managing director, Asheesh Mohta said, â€œLogistics is an asset class which is the fastest-growing, globally. Blackstone has set up well-recognized platforms across countries, most lately in China and Australia. The building is in process of building warehousing as asset class in India and now created an integrated platform, which we will scale. We believe the logistics platform will grow faster than our office portfolio has over the last decade,â€Â
Â Blackstone funds acquired Embassy Industrial Parks from Warburg Pincus Inc. and Embassy Group for an enterprise value of $700 million in the last year and it is known as one of the largest deals in Indiaâ€™s emerging warehousing sector.
Â In 2020, Blackstone bought a majority stake in AllCargo Logistics Ltdâ€™s warehousing business and a warehousing asset in Delhi from realty firm TARC Ltd last September. The portfolio is anchored by tenants in retail, e-commerce, auto (electric vehicles), and logistics.
Blackstone India head of acquisitions and senior managing director, Asheesh Mohta
Asheesh Mohta said, â€œThe REIT and IPO markets have set-up and there is a lot of institutional investor interest, which creates private exit options. But currently, the concentration is to grow the platform and we sense a big opportunity in this asset classâ€.Â Â
Â And Pandit said, â€œThe platform, backed by Blackstoneâ€™s global intellectual capital and scale, integrate with local partnership opportunities, will potentially enable us to rapidly accelerate growth, deliver exceptional quality to our customers, and while contributing to the communities we serve,â€. Â
20 billion worth Blackstone realty assets under management in India. It has built logistics real estaste with around the world. The Milestone in Australia firm has sold biggest private real estate transaction in the country last year.