The leading real estate development company TARC Ltd, based in New Delhi has said on Monday that it has completed the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte Limited, which is an affiliation of funds controlled or managed Blackstone for a total consideration of rupees 295 crore.
The move is correlated with TARC’s plan to maintain a steady focus on core developmental projects to unbolt much higher value through its strategic and key land parcels in New Delhi.
The Chief Executive Officer and Managing Director of TARC, Amar Sarin had said that the firm's aim of creating a high-quality asset base, and leads with integrity and transparency, to which it has been rewarded with the confidence and trust placed by Blackstone.
The firm said that this is the move which will be making TARC a debt-free firm, will develop its huge land bank and also is looking forward for new developments in the National Capital Region.
The firm is planning to use a part of the takings to fast-track the residential projects, integrating its strategy to develop high-yielding and future-ready projects.
On Monday, shares of TARC rose on the BSE following the news and closed at 4.2 percent higher at rupees 40.70.
TARC is also negotiating with Blackstone Inc. (BREP) & other global funds for more similar opportunities.