Blackstone is likely to float an IPO or infrastructure investment trust (InvIT) next year for its India logistics arm, Horizon Industrial Parks, which with around 55 million sq ft portfolio, is poised to surpass larger rival IndoSpace.

While it is early days yet, sources indicated that going by its portfolio and industry valuations, it would be looking at an offering of over $1 billion, making it the largest InvIT in the country. Investment banking sources said that it has commenced preliminary work on the process, but is still deciding whether it will be a straightforward IPO or an InvIT.

Blackstone offered no comments on this.

The global asset manager’s total India warehousing portfolio, spread over 1800 acres has 39 parks in 10 markets, which includes the assets under Greenbase, an equal joint venture with the Hiranandani group. About half of the portfolio has been completed or is under construction.

Everstone-backed IndoSpace is a tad ahead with 58 msf of warehousing assets of 50 parks, spread across 11 cities. Earlier this month it sold a 2.4 msf warehouse asset to Alta Capital.

Blackstone has rapidly scaled up its portfolio in three years, since it launched Horizon in January 2022, largely through acquisitions, the most recent being 5 msf from LOGOS India for over ₹1,700 crore.

Some of its earlier portfolio acquisitions include Embassy Industrial Parks (assets in NCR, Pune, Bengaluru), Allcargo’s logistics parks (assets in Bengaluru, Hyderabad, NCR), 13 assets from Central Warehousing Corporation across multiple locations, JV Greenbase assets in Pune, Chennai and Nasik and TARC’s warehouse asset in Delhi.

In a recent conversation with businessline, Asheesh Mohta, Senior MD, Head of Real Estate Acquisitions India, said the US-based alternative asset manager was bullish on the warehousing sector in India and would be adding more assets to its portfolio and aims to become the number one player in the sector.

Globally around 40 per cent of Blackstone’s real estate holdings are in logistics, owning over 1.2 billion square feet of logistics and warehousing space. Its intends to be a dominant player in India as well.

Blackstone, which manages around $1 trillion assets globally, is already the largest office owner in India and, according to sources, readying a  $700-800 million office REIT issue.

It has had a busy, successful 2024 taking three of its portfolio companies public – affordable mortgage lender Aadhar Housing in May  diamond and jewellery certification firm International Gemmological Institute earlier this month and hotels operator Ventive Hospitality, which will list next week.