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TARC sells part of warehousing asset to Blackstone for Rs 295 cr

Monday, 06 Sep 2021
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New Delhi-based real estate development company TARC announced the completion of sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ), an affiliate of funds controlled, managed and/or advised by Blackstone, (BREP) for a total consideration of Rs 295 crore, 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.
 
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 plans to use a part of the proceeds to fast track residential projects, consolidating its strategy to develop higher yielding, future-ready projects.
 
TARC is one of the leading developers and the largest land bank holders in the National Capital Region. The company's focus is to create value through its owned and fully paid-up land parcels via building high quality developments that deliver on scale, higher quality of living as well as ensuring higher returns on capital.
 
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