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Blackstone to acquire Coffee Day’s tech park for Rs 3,000 cr

Wednesday, 14 Aug 2019
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Blackstone, along with southern developer Salarpuria Sattva, has closed the deal to acquire Coffee Day Enterprises’ real estate venture Tanglin Developments. The Tanglin Developments owns a technology park in Bengaluru, Karnataka for Rs 3,000 crore. The payment by Blackstone will be done in multiple tranches.

The first tranche of Rs 2,000-2,200 crore will be paid in four weeks of the deal closing while the remaining money will come in the next 24 months.

The deal is being done through a special purpose vehicle (SPV) where Blackstone will own about 90 percent and the remaining 10 percent will be held by Salarpuria Sattava. Blackstone-Salarpuria is in talks to buy the technology park for Rs 2,800 crore.

 
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