Tarc sells two assets worth Rs 295 crore to Blackstone

27 Aug 2021 CW Team

Tarc Ltd, a publicly listed developer, has agreed to divest two wholly-owned subsidiaries, Goodluck Buildtech Pvt. Ltd and Anant Raj Hotels Ltd, to BREP Asia II EIP Holding Pte. Ltd, an affiliate of funds controlled, managed, and advised by Blackstone Inc., according to a statement.

Blacktone will pay Rs 295 crore for the assets, subject to a number of conditions and closing actions, including the completion of the transfer of certain land parcels totalling about 36 acres in the villages of Khera Kalan, Jindpur and Nangli Poona in North Delhi to Goodluck and Anant Raj Hotels for warehousing development.

According to the statement, the company wants to build strong relationships with global investors as part of its overall strategy to focus on business growth.

Tarc Ltd, which was formerly known as Anant Raj Global until April of this year, is involved in a variety of real estate segments in India.

The transaction expands Blackstone's hospitality portfolio, which already includes some of the country's and world's most prestigious properties.

It recently agreed to buy Embassy Industrial Parks, which owns a number of warehousing properties across the country.

Embassy Group and Warburg Pincus sold the assets to Blackstone.

According to a senior executive, Blackstone Group Inc recently raised more than $5 billion Rs 37,250 crore for its second Asia fund and plans to launch a third Asia real estate fund.

In one of the biggest deals in the real estate industry, Blackstone bought a bunch of assets from Bengaluru-based Prestige Project Estates late last year.

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Also read: Centre to raise Rs 15k cr from sale of real estate and hotel assets

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