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