New Delhi, May 10 (PTI) 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.

NYSE-listed Blackstone said in a statement that funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, in one of India's largest logistics transactions.

Embassy Industrial Parks comprises 10.6 million square feet of modern Grade A logistics and warehousing assets near urban centres.

"Blackstone is among the top 10 business groups in India by the total value of assets and the transaction will help reinforce the firm's leading position in the office, retail, and logistics," the statement said.

Embassy Industrial Parks' warehouses are located across major industrial hubs in India including Bengaluru, Delhi NCR, Hyderabad, and Pune, and are leased to leading e-commerce and retail players.

Asheesh Mohta, Head of Blackstone's Real Estate India Acquisitions, said: "Logistics is one of the firm's highest global conviction themes, anchored by our belief that e-commerce trends will further fuel demand for logistics space especially near city centers."

Logistics is one of Blackstone's core investment themes globally.

Since 2010, Blackstone has acquired more than 1.2 billion square feet of logistics.

Tuhin Parikh, Blackstone's Head of Real Estate India, said: “We are committed to growing our presence in India. For the past 16 years, we've been partnering with local developers and governments to transform assets and businesses, and help communities prosper."

Blackstone has successfully launched the country's first two REITs, he added.

Jitu Virwani, Chairman and Managing Director of Embassy Group, said: “This transaction between Embassy Group and Blackstone further strengthens and reinforces our partnership."

"We are extremely focused on consolidating our resources towards the growth of our core businesses of office and residential development and management. This transaction with Blackstone Real Estate along with the upcoming merger with IBREL is a strategic move in that direction," he added.

Blackstone is one of the largest global investors in India.

Blackstone is a global leader in real estate investing.

Blackstone's real estate business was founded in 1991 and has USD 196 billion of investor capital under management.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)