TARC Ltd sells warehouse to Blackstone Grp for Rs 295 cr
Mumbai: Realty player TARC Ltd has sold a warehousing asset in Delhi to Blackstone Group for 295 crore. The watehouse has been sold to BREP Asia II EIP Holding (NQ) Pte. Lts which is an affiliate of funds controlled by Blackstone Inc.
Amar Sarin, CEO & MD of TARC Ltd 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), aninternational 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.”.
TARC will utilize part of the sale proceeds to fast track its housing projects, the company said in a statement.