{"id":248616,"date":"2021-09-08T19:39:15","date_gmt":"2021-09-08T11:39:15","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=248616"},"modified":"2021-09-09T14:31:33","modified_gmt":"2021-09-09T06:31:33","slug":"blackstone-buys-north-delhi-warehouse-from-tarc-for-40m","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-buys-north-delhi-warehouse-from-tarc-for-40m\/","title":{"rendered":"Blackstone Completes $40M Purchase of North Delhi Warehouse"},"content":{"rendered":"<div id=\"attachment_214160\" style=\"width: 790px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-214160\" class=\"wp-image-214160 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/02\/Embassy-Office-parks-Hosur-1.jpg\" alt=\"Embassy Industrial parks Hosur\" width=\"780\" height=\"417\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/02\/Embassy-Office-parks-Hosur-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/02\/Embassy-Office-parks-Hosur-1-400x214.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/02\/Embassy-Office-parks-Hosur-1-420x225.jpg 420w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><p id=\"caption-attachment-214160\" class=\"wp-caption-text\">Blackstone bought out Embassy Industrial Parks in May this year<\/p><\/div>\n<p>US fund manager Blackstone has added to its formidable industrial holdings in India with the acquisition of a North Delhi warehouse asset for INR 295 crore ($40.1 million).<\/p>\n<p>Already the country\u2019s biggest warehouse owner, the private equity giant purchased its latest asset from New Delhi-based developer TARC Ltd via a managed fund, BREP Asia II, as industrial properties around the region continue to attract foreign capital after <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/china-real-estate-research-policy\/apac-industrial-real-estate-deals-jump-82-in-2021-q2\/\">record investment activity<\/a> in the second quarter of the year.<\/p>\n<p class=\"p1\" style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Copy of APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real Estate\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><script language='JavaScript1.1' src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpj\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;ord=+ Date.now();dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?\" attributionsrc ><\/script><\/p>\n<p>The Economic Times of India <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/services\/property-\/-cstruction\/blackstone-to-buy-36-acres-in-delhi-for-295-cr-from-tarc\/articleshow\/85637422.cms?from=mdr\">reported in August<\/a> that Blackstone\u2019s <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-buys-warburgs-embassy-industrial-parks-india-jv\/\">recently acquired Embassy Industrial Parks unit <\/a>would develop a 1 million square foot (92,903 square metre) warehousing facility at the 36 acre (14.6 hectare) North Delhi site, which sits 60 kilometres (37.3 miles) from Delhi Airport.<\/p>\n<p>TARC, one of the largest landowners in the National Capital Region, plans to use part of the proceeds from the sale to fast-track higher-yielding residential projects, the company said <a href=\"https:\/\/www.bseindia.com\/xml-data\/corpfiling\/AttachLive\/70a33c08-2dad-45e4-a5d2-9d4c8a8acd3c.pdf\">in a filing with the Bombay Stock Exchange<\/a>.<\/p>\n<h3>More Deals to Come<\/h3>\n<p>Known as Anant Raj Global Ltd until a rebranding in April, TARC has built projects across the New Delhi NCR in the residential, hospitality, commercial and retail segments.<\/p>\n<div id=\"attachment_248618\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-248618\" class=\"wp-image-248618 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/Amar-Sarin-MD-and-CEO-of-TARC-e1631101034126.jpg\" alt=\"Amar Sarin - MD and CEO of TARC\" width=\"600\" height=\"367\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/Amar-Sarin-MD-and-CEO-of-TARC-e1631101034126.jpg 600w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/Amar-Sarin-MD-and-CEO-of-TARC-e1631101034126-400x245.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/Amar-Sarin-MD-and-CEO-of-TARC-e1631101034126-420x257.jpg 420w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><p id=\"caption-attachment-248618\" class=\"wp-caption-text\">TARC managing director and chief executive Amar Sarin<\/p><\/div>\n<p>Chief executive Amar Sarin said TARC\u2019s mantra of creating a high-quality asset base, while leading with integrity and transparency, had been rewarded with the confidence and trust placed in the company by Blackstone.<\/p>\n<p>TARC is negotiating additional similar opportunities with Blackstone and other global funds, the company said.<\/p>\n<p>Blackstone in May announced the completion of its long-anticipated acquisition of Embassy Industrial Parks from private equity major Warburg Pincus and Indian developer Embassy Group, gaining a portfolio with 10.6 million square feet of logistics and warehouse assets near major cities in India.<\/p>\n<p class=\"p1\" style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>No purchase price was disclosed for the Embassy portfolio, but local media accounts early in the year said Blackstone was offering $700 million. According to Real Capital Analytics\u2019 Asia Pacific Capital Trends report released last month, the Embassy transaction amounted to $704.7 million for six assets.<\/p>\n<h3>India Portfolio Expands<\/h3>\n<p>With the Embassy assets in hand and the North Delhi project in the works, Blackstone may be on its way to reprising a strategy it has employed in Europe and Australia: assembling a logistics mega-portfolio with an eye towards a later exit.<\/p>\n<p>Blackstone first entered India\u2019s warehouse market <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-in-india-logistics-real-estate-jv-with-hiranandani\/\">in December 2019 through a $350 million joint venture<\/a> with Mumbai-based real estate developer Hiranandani Group. Blackstone took a 50 percent stake in that joint venture, according to local press accounts at the time. The company also <a href=\"https:\/\/www.vccircle.com\/blackstone-to-pick-up-stake-in-allcargo-s-warehousing-business\">bought a $53.6 million slice of Mumbai-listed Allcargo Logistics<\/a> in January of last year.<\/p>\n<p class=\"p1\" style=\"text-align: center;\"><div style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"mingt-995601556\"><a data-no-instant=\"1\" href=\"https:\/\/www.yardi.asia\/Resource\/?resource=Technology+Transformation+in+Asian+Real+Estate+%28White+Paper%29&#038;utm_source=mingtiandi&#038;utm_medium=website&#038;utm_campaign=wp23ttare\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Yardi &#8211; Asia Proptech Report 2023 v2_250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/Yardi-Asia-Proptech-Report-2023-v2_250.gif\" alt=\"\"  width=\"780\" height=\"250\"  style=\"display: inline-block;\" \/><\/a><\/div><\/p>\n<p>In 2017, Blackstone scored Europe\u2019s single largest real estate deal ever <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-confirms-13-8b-sale-of-european-logistics-platform-to-cic\/\">when it sold the Logicor platform to China Investment Corporation for $13.8 billion<\/a>. That deal, which involved 630 distribution centres in 17 European countries, came after Blackstone had completed more than 50 transactions to acquire and tune the Logicor platform.<\/p>\n<p>In April, Blackstone agreed to sell its <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-selling-australia-logistics-portfolio-to-esr\/\">Milestone Logistics portfolio in Australia<\/a> to ESR Milestone Partnership, a collaborative venture of Hong Kong-listed ESR and Singapore sovereign wealth fund GIC, for $2.9 billion after a protracted bidding contest with four other contenders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US fund manager Blackstone has added to its formidable industrial holdings in India with the acquisition of a North Delhi warehouse asset for INR 295 crore ($40.1 million).<\/p>\n<p>Already the country\u2019s biggest warehouse owner, the private equity giant purchased its&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/blackstone-buys-north-delhi-warehouse-from-tarc-for-40m\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":9671,"featured_media":248618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[5385],"tags":[1473,5382,5359,5161,1594,8652,1593],"ppma_author":[8847],"authors":[{"term_id":8847,"user_id":9671,"is_guest":0,"slug":"christopher-caillavet","display_name":"Christopher Caillavet","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/500c291c35a85a2ad5827cf7c6d198e1?s=96&d=mm&r=g","user_url":"","last_name":"Caillavet","first_name":"Christopher","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/248616"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/9671"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=248616"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/248616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/248618"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=248616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=248616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=248616"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=248616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}