Indospace – Frontrunner to acquire Embassy Industrial Parks
According to news reports, Indospace, leading industrial and warehousing parks developer has emerged as the frontrunner to buy Bengaluru-based Embassy Industrial Parks at an enterprise value of Rs 1,800 crore.
Indospace, backed by PE fund Everstone Capital and CPPIB, signed an exclusivity agreement last week and engaged in exclusive talks for acquiring the assets, as per reports. PE fund Warburg Pincus owns 70% stake in Embassy Industrial Parks while Bengaluru-based Embassy Group owns the remaining 30%. ESR, a leading Asia Pacific logistics real estate platform, is another contender for the acquisition. Hong Kong-based ESR has $22 billion of assets under management and is also backed by Warburg Pincus.
In the times of corona, rising demand of warehousing and logistics driven by the surge in e-commerce activity is turning the sector robust. Presently, Embassy Industrial Parks is developing warehousing projects at Chakan in Pune, Hosur in Bengaluru, Farrukhnagar and Bilaspur in Delhi-NCR, Kothur in Hyderabad and Sriperumbudur in Tamil Nadu.
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