In one of North India's largest warehousing deals, alternative investment firm Blackstone has acquired 2.5 million square feet of warehousing assets near Delhi from Vertical Warehousing for Rs 7 billion, according to a report citing unnamed sources.

The asset is a mix of operational assets and strategic plots of land for future development. Approximately 1.5 million square meters of this is fully leased and operational.

“Blackstone has increased its warehousing presence in the National Capital Region as it is one of the fastest growing markets for the industrial and logistics sector. The object is located in Jhajjar in Haryana and is connected to Gurgaon and Delhi,” said one of the sources.

International real estate advisor CBRE acted as transaction advisor for the deal.

Blackstone, CBRE and Vertical Warehousing declined to comment.

Vertical Warehousing, headquartered in New Delhi, owns and operates multiple Grade A logistics parks in Delhi NCR.

Meanwhile, Delhi-based LAS Ventures, which has a warehouse in the same region, is in talks to raise a fund of Rs 300 crore to develop class A warehouses across the country.