Blackstone, Salarpuria Sattva to buy Tanglin Developments
Blackstone, along with southern developer SalarpuriaSattva, is set to acquire Coffee Day founder V G Siddhartha’s real estate venture Tanglin Developments, which owns a technology park in Bengaluru, for about Rs 2,800 crore, according to people familiar with the matter. The tech park, Global Village, is a 4-million-sqft tenanted office space located on a 120-acre campus. It counts Accenture and Mphasis among its tenants, besides having the headquarters of embattled IT companyMindtree. Coffee baron Siddhartha, who sold his 20.4% stake in Mindtree to L&T last week, is selling the tech park Global Village, located off Mysore Road, to pare his ballooning debt. TOI first reported on the deal talks in its January 24 edition. The deal, which is likely to be signed as early as next week, will see the private equity giant own about 80% of the special purpose vehicle (SPV), leaving Salarpuria with the rest. The acquisition comes soon after Blackstone’s first real estate investment trust (REIT) was oversubscribed 2.6 times for a listing on April 3.
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