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Business Companies 15 Aug 2019 Coffee Day to sell t ...

Coffee Day to sell tech park to Blackstone

DECCAN CHRONICLE. | SANGEETHA G
Published Aug 15, 2019, 2:08 am IST
Updated Aug 15, 2019, 2:09 am IST
The company has entered into a non-binding letter of intent with Blackstone.
Global Village is a 4 million-sqft office space located on a 120-acre campus with clients like Mphasis, Accenture and Mindtree.
 Global Village is a 4 million-sqft office space located on a 120-acre campus with clients like Mphasis, Accenture and Mindtree.

Chennai: As part of its efforts to deleverage the group, Coffee Day Enterprises, founded by late V G Siddhartha, has decided to sell off its technology park in Bangalore to US-based asset management company Blackstone for Rs 2,600 – 3,000 crore.

The board of directors of the company at their meeting held on Wednesday approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments. The company has entered into a non-binding letter of intent with Blackstone. The transaction closure is subject to completion of Blackstone's due diligence, documentation and receipt of requisite regulatory approvals, which is expected in the next 30 - 45 days, the company informed the stock exchanges.

 

Global Village is a 4 million-sqft office space located on a 120-acre campus with clients like Mphasis, Accenture and Mindtree. Global Village has a potential to add another 5-6 million sqft build-up area as now it is using only 45 acres of the land parcel.

At the end of last fiscal, Coffee Day Enterprises, whose main subsidiaries include Coffee Day Global, which is into coffee exports, Sical Logistics, realty developer Tanglin Develop-ments, wealth management company Way2-Wealth and Coffee Day Hotels and Resorts had debt obligations of at least Rs 7,653 crore. This included bank loans and non-convertible debentures.

 

According to reports, the group has total assets of around Rs 11,259 crore and hence the group had decided to sell off part of the assets to pare debt.

Further, on Wednesday the board also provided in principal approval for disinvestment in its stepdown subsidiary, AlphaGrep Securities in favour of Illuminati Software for about Rs 28 crore. The board hoped that these transactions will significantly help in deleveraging the Coffee Day Group and ensuring smooth operations.

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