Delhi-based real estate development firm TARC Limited said on September 6 that it has sold its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and advised by Blackstone Inc (BREP) for a total consideration of Rs. 295 crore, the company said in a statement.
The warehousing asset is spread across 36 acres of land in villages Jindpur, Khera Kalan, Nangli Poona in North Delhi. This is a warehousing, built-to-suit development land spread across a constructible area of 1.2 million sq ft, the company told Moneycontrol.
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.
Funds would mostly be used towards paring debts and for project development as required for the residential projects in Central West and South Delhi which is about half a million to two million sq ft, the company told Moneycontrol.
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 focuses on enhancing its development projects and is also negotiating additional similar opportunities with Blackstone Inc. (BREP) & other global funds.
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