In a recent development, the Blackstone group went into a deal to purchase Global Village Tech Park that is owned by a subsidiary of Coffee Day Enterprises Ltd (CDEL). The company is believed to close this deal for Rs 2,770 crore.
Blackstone will acquire the Global Village Tech Park with its South-based developer Salarpuria Sattva. This IT Park is spread across 90-acres and is currently held by the subsidiary, Tanglin Retail Realty.
The official announcement of signing this deal is likely to be made today.
There were reports about the signing of a non-binding letter of intent between CDEL and Blackstone after the CDEL’s [Coffee Day Enterprises Ltd] board approved of divestment. This deal will be helpful to CCD, India’s largest coffee chain to settle debt after their founder VG Siddhartha died few months back.
Coffee Day Enterprises Ltd has a debt of approximately Rs. 5,200 crore.
The Mape Advisory Group advised Coffee Day about the deal and the talks were in advanced level between Siddhartha and Blackstone in December last year. They both were said to have closed the deal at approximately Rs. 2,575 crore.
A few months back, the Blackstone Group finalized the deal to acquire office space in Mumbai’s Bandra Kurla Complex. This workspace is designed across 700,000 sqft and costs Rs. 2,500 crores from the Radius Group.