Deal Closed | Blackstone Advisors India Private Limited | Khaitan & Co

The details of the deal are as under:

Sector: Real Estate 

Announcement Date: 10-May-2021 

Completion Date: 11-May-2021 

Name of Client: Blackstone Advisors India Private Limited 

Acquirer Details: BREP Asia II EIP Holding (NQ) Pte Ltd | Singapore  

Type A Deal Participant Descriptions: It is owned by the affiliates of the funds advised or managed by the affiliates of the Blackstone Group Inc. (collectively “Blackstone”). Blackstone is one of the world’s leading investment firms. Blackstone’s asset management businesses include investment vehicles focused on real estate. private equity, public debt and equity, growth equity, opportunistic non-investment grade credit, real assets and secondary funds all on a global basis. In India Blackstone is one of the largest buyout firms and has been active since 2006. Logistics is one of Blackstone’s core investment themes globally. Since 2010 Blackstone has acquired more than 1.2 billion sq. ft of logistics. 

Deal Description: Advised The Blackstone Group in relation to acquisition by BREP Asia II EIP Holding (NQ) Pte Ltd of 100% equity interest of a (70-30) joint venture company of Warburg Pincus and Embassy group, by way of a secondary share transfer, for development and management of warehouses and logistics industrial parks, located across India for a total enterprise value of USD 700 million. This is the largest yet warehousing and logistics deal in the country. Embassy Industrial Parks's warehouses are located across major industrial hubs including, Pune, Bangalore, Delhi NCR, Mumbai and Hyderabad and are leased to leading e-commerce and retail players. Pursuant to this transaction BREP Asia II EIP Holding (NQ) Pte Ltd has acquired the Embassy Industrial Parks platform which comprises 10.6 million square feet of modern Grade A logistics and warehousing assets near urban centers tailored for tenants in rapidly developing sectors. Consequent to this transaction Blackstone has become the country's largest warehousing space aggregator with over 40 million square feet logistic parks in assets as it already has 18 million square feet warehousing assets in its portfolio. 

Total Consideration: USD 700 million 

Team Members: The core team consisted of Aakash Choubey (Partner), Deepak Jodhani (Partner), Harsh Parikh (Partner), Abhiraj Gandhi (Partner), Pavi Jain (Principal Associate), Abir Sarkar (Principal Associate), Rishabh Vora (Principal Associate), Rhea Jha (Senior Associate), Angeline Benny (Associate), Deep Shah (Associate) and Karan Dattani with assistance from Vivek Mimani and Kaushiki Agarwal on setting up of an FVCI entity for the client and Shailendra Bhandare and Sourav Dan on Intellectual Property aspects of the transaction. 

Role of Firm: Legal counsel to the Investor for due diligence, transaction documents and transactional advisory. 

Unique Feature of Transaction: The largest deal in India yet in the logistics and warehousing sector. After completion of this transaction, Blackstone will become the country's largest warehousing space aggregator.