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Sign in Sign up for a FREE subscriptionBlackstone Group enters Indian logistics market
Blackstone Group has entered into a 50-50 joint venture with realty developer Hiranandani Group to build, own and operate industrial, logistics and warehousing assets across India, totaling 12 million square feet.
This marks Blackstone’s foray into India’s logistics sector. The firm has been active in the Indian office sector, owning 115 million square feet of office space across the country. All together, the firm invested $6.6 billion in Indian commercial property assets since it began pursuing real estate opportunities in the country in 2008.
The logistics joint venture’s initial projects will be on land owned by Greenbase, a wholly owned subsidiary of Hiranandani Group, in the next five to seven years. Projects include 267 acres in Pune, 115 acres in Chennai’s Oragadam suburb, 73 acres in Nashik in Maharashtra state, and 25 acres in the West Bengal city of Durgapur.
Apart from the Hiranandani joint venture, Blackstone is partnering with Allcargo Logi
