BackTARC sells part of warehousing asset to Blackstone for ₹295 crore
This is in line with making TARC a debt-free company, develop its huge land bank as well as look for new developments in the National Capital Region, the company said
PremiumMUMBAI : New Delhi-based leading real estate development company TARC Ltd on Monday said it has completed the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Ltd, an affiliate of Blackstone for a total consideration of ₹295 crore.
The move aligns with TARC’s strategy to maintain focus on core development projects to unlock much higher value through its strategic and key land parcels in New Delhi.
Amar Sarin, CEO & MD of TARC said the company’s mantra of creating a high-quality asset base, while leading with integrity and transparency, has been rewarded with the confidence and trust placed in TARC by Blackstone. This is in line with making TARC a debt-free company, develop its huge land bank as well as look for new developments in the National Capital Region, the company said.
The company plans to use a part of the proceeds to fast-track the residential projects, consolidating its strategy to develop higher-yielding, future-ready projects.
TARC is also negotiating additional similar opportunities with Blackstone Inc. (BREP) & other global funds.
On Monday, shares of TARC rose on the BSE following the news. They closed 4.2% higher at ₹40.70.
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