Public-listed developer Tarc Ltd has signed an agreement with BREP Asia II EIP Holding Pte. Ltd, an affiliate of funds controlled, managed and advised by Blackstone Inc., to divest two wholly-owned subsidiaries, Goodluck Buildtech Pvt. Ltd and Anant Raj Hotels Ltd, the company said in a statement.
Blacktone will pay Rs 295 crore for the assets subject to certain identified conditions and closing actions including completion of the transfer of certain land parcels aggregating to about 36 acres for warehousing development held by the company in villages Jindpur, Khera Kalan and Nangli Poona, North Delhi, in favour of Goodluck and Anant Raj Hotels.
The statement said the company aims to build strong relationships with global investors in line with its overall strategy to take a focused approach towards business growth.
Tarc Ltd, which was known as Anant Raj Global until April this year, has a presence across different segments of India’s real estate market.
The deal marks an addition in the hospitality portfolio of Blackstone, one of the biggest owners of real estate in the country and globally.
Recently, it struck a deal to acquire Embassy Industrial Parks, owner of a string of warehousing assets in the country.
Blackstone bought the assets from Embassy Group and Warburg Pincus.
Recently, Blackstone Group Inc has raised over $5 billion (Rs 37,250 crore) for its second Asia fund and plans to launch a third Asia real estate fund, as per a senior executive.
Late last year, Blackstone acquired a bunch of assets from Bengaluru-based Prestige Project Estates in one of the biggest deals in the real estate industry.