Tarc gains on selling part of warehousing asset to Blackstone

Tarc rose 3.27% to Rs 41 after the company said that it has sold a part of its warehousing asset to Blackstone lnc. (BREP) for Rs 295 crore.

In an exchange filing made during market hours today, the real estate development company announced the successful completion of the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ), an affiliate of funds controlled, managed and/or advised by Blackstone lnc, (BREP) for a total consideration of Rs 295 crore.

The move 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.

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.

Amar Sarin, CEO & MD of TARC 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 lnc. (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 (NCR).

TARC is a real estate development company in New Delhi with one of the largest land bank with key land parcels at prime locations in the NCR. It has built multiple projects across New Delhi NCR through its different verticals of residential, hospitality, commercial and retail.

The company reported a net loss of Rs 3.18 crore in Q1 FY22 as against net loss of Rs 4.47 crore in Q1 FY21. Net sales rose 2.46% YoY to Rs 26.25 crore in the quarter ended June 2021.

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