Private Equity

PE-RE Fund Investments

Blackstone to acquire 36-acre land parcel in Delhi from TARC for Rs.295-Cr

Economic Times  

Private Equity firm Blackstone Group is to acquire land parcels in Delhi spread over 36 acres from developer TARC for INR 295 crore. Embassy Industrial Parks, the entity acquired by the institutional investor recently, will develop a 1 million sq ft warehousing space on this land parcel 60 km away from Delhi Airport. Blackstone is acquiring the land parcel through its affiliate BREP Asia II EIP Holding (NQ), which will acquire TARC's two wholly-owned subsidiaries, Goodluck Buildtech and Anant Raj Hotels. The value for the proposed transaction will be paid in tranches. A global e-commerce major has already finalised specifications and a letter of intent (LOI) for 51% of the proposed warehousing space for a 20-year fully extended lease term, while talks are on for additional leasing.