Blackstone Group Inc., already the largest owner of office buildings in India, is about to become one of that country’s biggest owners of warehouses, according to the Wall Street Journal.
The investment firm is on the verge of buying 3.5 million square feet of industrial warehouses as well as development sites that could house another 18 million square feet of logistics properties. The firm plans to spend about $720 million to acquire the existing buildings and develop the sites.
The Indian industrial market became more attractive to international investors in 2017, after Prime Minister Narendra Modi implemented a tax overhaul. Government investment in roads, railways and other infrastructure has also helped modernize the country’s logistics business. Industrial property is also gathering strength in India because global online retailers are ramping up in the country especially Amazon and Walmart-owned Flipkart.
