Real estate development company TARC Ltd on Monday said it has completed sale of its warehousing asset in North Delhi to BREP Asia ll EIP Holding Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone Inc, for a total consideration of Rs 295 crore.
TARC said the move is aligned to its strategy of maintaining focus on core development projects to unlock much higher value through its strategic and key land parcels in New Delhi.
TARC is one of the leading developers and largest land bank holders in the National Capital Region (NCR). "The company's razor-sharp 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," a statement said.
TARC plans to use a part of the proceeds from the transaction to fast track residential projects, consolidating its strategy to develop higher yielding, future-ready projects.
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"This deal with Blackstone further paves the way for the management to structure and curate a portfolio of marquee developments, with high-quality residential projects," the company said.
The move is in line with the company's mantra of making TARC a debt free company, develop its huge land bank as well as look for new developments in NCR, its CEO and MD Amar Sarin said.
TARC is also negotiating additional similar opportunities with Blackstone and other global funds, it added.
Shares of TARC were trading 2.77 per cent higher at Rs 40.80 on the BSE in the afternoon trade on Monday.
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