Global investment giants including Blackstone, Singaporean sovereign fund GIC, Gaw Capital Partners and Canadian pension fund Ontario Municipal Employees Retirement System (OMERS) have made bids for stakes held by German investor Allianz and Asia-focused logistics platform developer ESR is floated domestically by the duo in the country, said people aware of the development.

Through the deal, Allianz plans to exit its 50% investment, and ESR intends to sell a 10-20% stake in its 50% stake in the platform. The people said ESR would continue to operate the properties after the deal closes.

“The total deal size is around $300 million (Rs 2,460 crore) with a total asset value of $450 million to $475 million,” one of the sources said, adding that the final bidder would own about 70% of the platform.

Launched in late 2018, the platform has eight assets spanning 10.5 million square feet. The platform is up for bidding through Anarock Capital, the people said.

The 50:50 partnership between ESR and Allianz plans to invest $1 billion in the joint venture.

In late 2022, GIC will form a joint venture with ESR to set up logistics properties in the country. Many in the banking industry see GIC as a strong contender for Allianz-ESR’s assets. GIC is also in the final stages of buying 50% of the Mumbai-based Brookfield assets and the Shapoorji Pallonji Allianz Group’s assets in Hyderabad.

GIC is also buying assets in the Xander Group’s 2015 vintage fund. The Singaporean investor was also a finalist, buying the 2.4 million sq ft Waverock property in Shapoorji Pallonji and Allianz in Hyderabad.

Gaw Capital, which announced establishing an Indian team in 2022, is seeking to enter new fields such as warehousing and data centres.

Blackstone established a warehousing platform called Horizon Industrial Parks in 2022, led by Rahul Pandit.

In 2021, funds managed by Blackstone acquired Embassy Industrial Parks from Warburg Pincus Inc and the Embassy Group for an enterprise value of $700 million. It also has a joint venture with the Hiranandani Group in the country for warehousing assets.

Since its inception, Horizon has added 3.7 million sq ft to its existing portfolio and built another 5 million sq ft with a capex of Rs 4,500 crore. The people said that Canadian investor OMERS is investing in the country’s energy and infrastructure sectors and hopes to expand its investments.