TARC sells warehousing asset in North Delhi to Blackstone for Rs 295cr

TARC Limited, a New Delhi-based real estate development company, said that it has wrapped up the previously announced INR 295 crores sale of its warehousing asset in North Delhi to BREP Asia ll EIP Holding.

The seller is an affiliate of funds controlled, managed and/or advised by Blackstone.

According to TARC, the sale of the asset is in line with its strategy of maintaining focus on core development projects for unlocking much higher value through its land parcels in New Delhi.

Amar Sarin — CEO and MD of TARC said that the sale is in line with making it a debt free company, develop its huge land bank and look for new developments in the National Capital Region.

The Indian real estate development company said that it intends to use a part of the proceeds to expedite its residential projects, and consolidate its strategy to develop higher yielding, future ready projects.