Blackstone, Salarpuria acquire Coffee Day's Tech Park for Rs 2,500 crore

BENGALURU: Private equity major Blackstone Group and Bengaluru-based Salarpuria Sattva

have jointly acquired a 3.3 million square feet office park, Global Village Tech Park, in the city owned by Coffee Day Enterprises for ₹2,500 crore. The deal has been completed and the money will be paid in three tranches to Coffee Day Enterprises. Salarpuria is likely to hold around 25% stake in the new asset, said two people aware of the deal. Earlier this month, Blackstone paid the first tranche of around ₹300 crore.

The second tranche of ₹1,700 crore will be paid within this week. The remaining money will be transferred by the end of the year, said people quoted above. In September last year, the board of directors of the Coffee Day Enterprises approved the sale of Global Village Tech Park to Blackstone.

The tech park is spread over 90 acres and falls under the Special Economic Zone (SEZ), owned by Tanglin Developments, a wholly-owned subsidiary of Coffee Day Enterprises. The firm is into development of technology parks in Bengaluru and Mangaluru. When contacted, Cafe Coffee Day, Blackstone and Sattva Salarpuria refused to comment on the deal. ET first reported the story on March 2, 2020. Sources close to the deal said private lender Yes Bank has also issued a no-objection certificate (NOC). Tanglin Developments, a group subsidiary and the park’s promoter, owes the bank ₹100 crore. “The NOC came through in January,” said a person quoted above. Global Village Tech Park has Mindtree, Mphasis and Accenture amongst its marquee clients.


March 17, 2020

5 views0 comments


  • LinkedIn

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.