Realty firm TARC Ltd on Monday said it has sold a warehousing asset in the city to global investment firm Blackstone for Rs 295 crore.
TARC Ltd has said in a statement that it has completed the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte Ltd, an affiliate of funds controlled, managed and/or advised by Blackstone Inc (BREP).
The total consideration of the deal is Rs 295 crore.
TARC Ltd wants to focus on core development projects to unlock much higher value through its strategic and key land parcels in the national capital.
The deal is in line with its strategy to become a debt-free company, develop its huge land bank and look for new developments in the National Capital Region, the statement said.
TARC Ltd plans to use a part of the proceeds to fast track the residential projects, consolidating its strategy to develop higher yielding, future ready projects.
The company is looking for similar opportunities with Blackstone and other global Funds.