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.