Blackstone to acquire Coffee Day's tech park

Blackstone, along with southern developer Salarpuria Sattva, has closed the deal to acquire Coffee Day Enterprises’ real estate venture Tanglin Developments, which owns a technology park in Bengaluru, for Rs 3,000 crore, said one source briefed on the development. The deal is the first major divestiture to help reduce the Rs 6,547 crore debt of the company after the suicide of founder VG Siddhartha last month. The deal is expected to be announced soon and 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, said the source mentioned above.