Embassy Group in talks with Indospace, ESR to monetise warehousing business

The total portfolio of the JV is 15-16 million sq ft, of which 3-4 million sq ft is operational. Warburg Pincus has a 70 per cent stake, while Embassy Group has 30 per cent shareholding in the JV

Leading realty firm Embassy Group is in talks with Indospace and ESR to monetise its warehousing and industrial parks business at an enterprise value of Rs 1,700-2,000 crore, according to sources.

Bengaluru-based Embassy Group, which in 2015 formed a joint venture with private equity firm Warburg Pincus to buid industrial parks, is looking to monetise completed and under-construction assets of the JV.

Property consultant ANAROCK is helping Embassy Group in this proposed deal.

Embassy Industrial Parks, the JV firm, is developing warehousing projects at Chakan in Pune, Sriperumbudur and Hosur in Tamil Nadu; Farrukhnagar and Bilaspur in Delhi-NCR; and Kothur