Blackstone, Hiranandani Group partners to develop industrial, logistics & warehousing parks

GreenBase, a joint venture between the realty major Hiranandani Group and US-based private equity firm Blackstone Group announced its plans to invest over INR 3,000 crores to develop industrial, logistics, and warehousing parks across key cities in India. The joint platform is looking to build and expand its portfolio by at least 15 million sq ft, taking it to more than 20 million sq ft in the next five years. The company is targeting a valuation of between Rs 5,500 crore and Rs 6,000 crore for its portfolio once the proposed expansion is completed.
“The demand scenario for India’s logistics sector looks promising with rising consumerism and higher economic activity. We are optimistic about the growth in this segment, led by a conducive economic scenario, and our plans have been aligned to make the most of this rapid progress.” said N Shridhar, CEO of GreenBase.
He adds, that the joint platform is also considering a plan to list the industrial and logistics portfolio through a Real Estate Investment Trust (REIT) in India or even overseas.
GreenBase plans on financing the proposed investment through equity worth Rs 1,000 crore and the balance with leverage. The company’s current leverage level stands at around 25-30% of its existing capital.