Embassy Group plans to explore more opportunities in warehousing

Embassy plans to use the funds from the deal as growth capital in its office and residential projects

Bengaluru-based property developer Embassy Group will again explore more opportunities in warehousing after closing a Rs 1,800-crore warehousing deal with US-based fund manager Blackstone.

Embassy is in the final stages of selling Embassy Industrial Parks — its warehousing business with private equity (PE) major Warburg Pincus — to Blackstone.

The foray will be made through its merged entity with Indiabulls Real Estate. Embassy Group is merging the assets of Indiabulls Real Estate with itself.

“There is no no-compete clause. We can look at warehousing after the deal,” said Aditya Virwani, chief operating officer at Embassy Group.

Embassy could tie up with a PE fund