Real Estate Development company TARC Limited announced the successful completion of the sale of its warehousing asset in North Delhi to BREP Asia ll EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone lnc, (BREP) for a total consideration of Rs. 295 crores.
Amar Sarin, CEO & MD of TARC limited has 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 lnc. (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.
The company plans to use a part of the proceeds to fast track the residential pro.iects, consolidating its strategy to develop higher yielding, future ready projects.
TARC Limited is one of the leading developers and largest land bank holders in the National Capital Region. 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.
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, according to the company statement.
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 neBotiating additional similar opportunities with Blackstone lnc. (BREP) & other Global Funds. This has further strengthened its leadership position in the vibrant market of New Delhi & NCR, through this high value transaction, it added.
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