Rahul Pandit, chief executive officer (CEO)at Blackstone-owned logistics company Horizon Industrial Parks, has quit after a two-year stint at the company,said sources in the know.
Pandit is completing his notice period this week and “ explore other opportunities”, the sources said.
Pandit was managing director and CEO of Hamstede Living, a joint venture company of Warburg Pincus to develop student housing, before joining Horizon. He was also MD and CEO at Ginger Hotels, part of Tata group.
When contacted, a Blackstone spokesperson said “Yes, we can confirm that Rahul Pandit has stepped down in his role as CEO of Horizon Industrial Parks”.
Horizon Industrial Parks’ management team will continue to manage the platform, with support from Blackstone Real Estate, as Horizon continues its search, the spokesperson said.
Horizon Industrial Parks is spread over 25 million sq ft across 17 assets in eight key locations, with 1000 acres building potential. Since inception, Horizon has delivered 4.4 million sq ft and is building another 5 million sq ft. Horizon’s operating portfolio is nearly occupied, with upcoming supply substantially pre-leased and a robust demand pipeline, the spokesperson said
Horizon is creating a 400,000 sq ft bespoke urban fulfilment centre for a global e-commerce major in Delhi, which will be the first facility of its kind in the country.
It is also constructing a BTS unit for a specialty chemicals company in Hyderabad, cold storage and EV
facilities in Tamil Nadu, an automotive components factory in Pune and has just handed over a 470,000-square foot warehouse in the NCR to a global 3PL serving a European fashion major.
Horizon was set up to house various acquisitions of Blackstone in warehousing and develop and acquire new assets. The acquisitions included Embassy Industrial Parks, TARC and Allcargo Logistics with over half a billion-dollar investments.
Blackstone, one of the largest warehousing and logistics owners in the country, has 40 million sq ft in warehousing in India.
Blackstone has a global warehousing portfolio of 1.2 billion sq ft, which is 40% of its total real estate portfolio. India has a stock of 350 million sq ft of logistics assets against 13 billion sq ft in the US.