Industrial and warehousing parks developer Indospace Industrial Park has emerged as the front-runner to acquire Bengaluru-based Embassy Industrial Parks at an enterprise value of Rs 1,800 crore. Indospace Industrial Park, backed by PE fund Everstone Capital and CPPIB, signed an exclusivity agreement recently and engaged in exclusive talks for acquiring the assets. PE fund Warburg Pincus owns 70 per cent stake in Embassy Industrial Parks while Bengaluru-based Embassy Group owns the remaining 30 per cent. ESR, a leading Asia Pacific logistics real estate platform, is another contender for the acquisition. Hong Kong-based ESR has USD 22 billion of assets under management and is also backed by Warburg Pincus. With a total portfolio of 15 million sq. ft, Embassy Industrial Parks is developing warehousing projects at Chakan in Pune, Hosur in Bengaluru, Farrukhnagar and Bilaspur in Delhi-NCR, Kothur in Hyderabad and Sriperumbudur in Tamil Nadu. Embassy Group’s industrial and warehousing development is spread across eight cities with 10 million sq ft of development completed and over 35 million sq ft of ongoing and planned development. These industrial and warehousing solutions are targeted at industry verticals like e-commerce, automobile ancillaries, FMCG and retail. Indospace Industrial Park has a portfolio of around 36 million sq ft across 35 logistics and industrial parks, including developed parks.