bengaluru blackstone has bought embassy industrial parks a joint venture between embassy group and private equity firm warburg pincus for about 700 million about rs 5000 crore in one of the largest deals in indias emerging warehousing sectorthe deal gives blackstone a foothold in the warehousing industry which has seen substantial investments from pe players in recent times due to a boom in ecommerce and the need for online retailers to store and ship items immediately to customersthe transaction is being done in two tranches in the first blackstone is buying 106 million sqft of space for 400 million from warburg in the second expected to be completed later this month the remaining 11 million will be bought for 300 million said a person familiar with the matter logistics is one of the firms highest global conviction themes anchored by our belief that ecommerce trends will further fuel demand for logistics space especially near city centres this is particularly true in india where ecommerce is in its nascent stage of development and has tremendous opportunities said asheesh mohta head of blackstones real estate india acquisitionsthe worlds largest pe firm has bought 12 billion sqft of logistics space since 2010 globally indias ecommerce hub bengaluru has only 30 million sqft of grade a and b warehouses compared to 12 billion sqft in chicago mohta added the deal signals the end of embassys tryst with the warehousing industry which it entered in 2015 with warburg through a 250 million joint venture