New Delhi, Aug. 31 -- Homegrown warehousing and industrial real estate investment and development platform Welspun One has attracted interest from a bunch of private equity firms and developers as it seeks to divest the remaining assets of its maiden fund, two people familiar with the matter told VCCircle.
The company has put the assets of Welspun One Logistics Park I, its Rs 500-crore debut fund, up for sale and has appointed advisory firm CBRE to manage the process.
While two assets have already been sold, the remaining portfolio comprises logistics parks in Bengaluru, Chennai, the National Capital Region (NCR) and Lucknow, spanning roughly 4.5 million square feet.
Hillhouse-backed Alta Capital has emerged as one of the strongest contenders after expanding its logistics platform through the acquisition of Xander's portfolio recently, one of the persons cited above said.
Blackstone-backed Horizon Industrial Parks, which recently went public and has a sizeable portfolio in the pipeline, has also submitted a bid, the second person said. The acquisition would allow the platform to add several assets through a single transaction.
Brookfield and I Squared Capital are also among the interested bidders."However, I Squared may not go ahead with the transaction as their ticket size is bigger than what these assets have to offer. While conversations have happened, it is unlikely to move ahead on the deal," both the people said.
The interested parties have submitted non-binding offers, they added.
The deal size is likely to be in the range of Rs 500-800 crore ($52.5-84 million).
"The deal is likely to be structured in a piece-meal manner, with one party acquiring some part of the portfolio, while the rest will be acquired by another party. There is some mismatch in valuation expectations on certain assets, so the whole platform may not get sold in one go, leading to sale in tranches," the people cited above said.
Emails sent to spokespersons for Welspun One, Hillhouse, Brookfield and I Squared remained unanswered till the time of publication.
In 2025, a company spokesperson said Welspun One had exited about 40% of the maiden fund through two liquidity events. The firm had announced its first exit from the fund in March 2024.
Welspun One Logistics Park I originally comprised six assets. Projects in Farrukhnagar and Bhiwandi have already been divested.
Backed by the Welspun Group, Welspun One has a portfolio of 19 million sq ft across 12 projects in six cities, and is targeting assets under management of $1 billion by 2026.
Earlier in 2025, the firm launched a co-investment plan to expand the portfolio of its second flagship vehicle, Welspun One Logistics Parks II, increasing its project pipeline to 14-15 assets from nine.
Published by HT Digital Content Services with permission from VC Circle.