TARC sells part of its warehousing asset to Blackstone Inc. (BREP) for Rs. 295 crores

New Delhi| Mumbai: 6 September, 2021: New Delhi based real estate development company TARC Limited on Monday announced the completion of the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone Inc. (BREP) for a total consideration of Rs. 295 crores, in a move which is aligned to TARC’s strategy of maintaining focus on core development projects to unlock much higher value through its strategic and key land parcels in New Delhi.

Aman Sarin, CEO & MD of TARC Limited said that 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 Inc. (BREP), an international fund. 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.

A press release issued by the company says that 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.

The release further adds that TARC’s strategic initiative with this big announcement within a few months of being listed as an independent entity is in sync with the focus on enhancing its development projects and is also negotiating additional similar opportunities with Blackstone Inc. (BREP) & other Global Funds.