Stock Report

TARC sells part of its warehousing asset to Blackstone Inc. for Rs. 295 crores

Posted On : 2021-09-06 14:11:17( TIMEZONE : IST )

TARC sells part of its warehousing asset to Blackstone Inc. for Rs. 295 crores

New Delhi based leading Real Estate Development company TARC Limited today announced the successful completion of the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone Inc, (BREP) for a total consideration of Rs. 295 crores, in a move which is aligned to TARC'S strategy of maintaining focus on core development projects to unlock much higher value through its strategic and key land parcels in New Delhi.

Mr. 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 Inc. (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 projects, 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.

TARC leads through curating meaningful, high-quality real estate projects, focused on experiential living with its philosophy of creating enduring value, with the core purpose of transforming urban lifestyles. 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.

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 negotiating additional similar opportunities with Blackstone Inc. (BREP) & other Global Funds. This has further strengthened its leadership position in the vibrant market of New Delhi & NCR, through this high value transaction.

Shares of TARC LIMITED was last trading in BSE at Rs. 39.6 as compared to the previous close of Rs. 39.25. The total number of shares traded during the day was 68462 in over 248 trades.

The stock hit an intraday high of Rs. 40.25 and intraday low of 39. The net turnover during the day was Rs. 2720532.

Source : Equity Bulls