The Blackstone Group has signed a definitive agreement to buy Global Village Tech Park, owned by a subsidiary of Coffee Day Enterprises Ltd (CDEL), for about Rs 2,770 crore.
Blackstone, along with South-based developer Salarpuria Sattva will acquire the 90-acre, IT-focussed Global Village Tech Park held by subsidiary, Tanglin Retail Realty.
A formal announcement of the deal is expected.
Coffee Day Enterprises said in an exchange notification on August 14 that a non-binding letter of intent between CDEL and Blackstone was signed after the former’s board approved the divestment.
The deal will help India’s largest coffee chain, stricken by the death of founder VG Siddhartha in July, repay some of its debt. CDEL is estimated to have debt of Rs 5,200 crore. Mape Advisory Group advised Coffee Day on the transaction.
Talks between Blackstone and Siddhartha had reached an advanced stage last December with both sides close to signing a term sheet for a deal pegged at about Rs 2,575 crore.
Blackstone is said to have revised the deal size upward by about Rs 150 crore as a goodwill gesture, one of the sources said.
Coffee Day Enterprises has total debt of Rs 4,970 crore, according to its regulatory filing on August 17.
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