Global Village Tech Park is a software technology park in India. Global Village Tech Park was constructed and owned until 2019 by Café Coffee Day under the brand name Tanglin. The headquarters of IT services firm Mindtree is located within the park.
Global Village Tech Park Building information
Global Village Tech Park is a software technology park in Bengaluru, India. The park is situated in Rajarajeshwari Nagar, off Mysore Road. The park is spread over 120 acres and equipped with modern facilities as well as greenery.
Global Village Tech Park was constructed and is owned by Café Coffee Day under the brand name Tanglin.
|Building name||Global Village Tech Park – Mindtree Building – Phase 3|
|Micromarket||Others – PBD|
|Address||Global Village Tech Park – Mindtree Building – Phase 3|
|Developer/landlord name||Tanglin Developments Limited|
|Airport||51 KM to Kempegowda International Airport|
|Facilities||Food Court: Global Village Tech Park Food Court (10 – 12 Outlets)|
Coffee Day sells Global Village Tech Park for ₹2,800 cr to Blackstone
- The money will be credited to CDEL within the next week, said a person aware of the deal
- ₹2,000 crores from the proceeds of the deal will be used to repay debts of CDEL and ₹800 crores will be going to the books of CDEL to meet its working capital requirements
Mumbai: Coffee Day Enterprises Ltd (CDEL), the holding company of Coffee Day Group founded by the late V.G. Siddhartha, on Friday closed the deal to sell the Global Village Technology Park in Bengaluru to New York-based private equity giant Blackstone Group Llp.
Two people familiar with the transaction confirmed the development. The sale of the 90-acre tech park was finalized at ₹2,800 crore, according to the first person.
“The money will be credited to CDEL within the next week. ₹2,000 crores from the proceeds of the deal will be used to repay debts of CDEL and ₹800 crores will go into the books of CDEL to meet its working capital requirements,” he added.
A Blackstone spokesperson declined to comment.
CDEL—which owns Coffee Day Global Ltd (coffee business), Sical Logistics Ltd (integrated logistics), Tanglin Developments Ltd (realty), Way2Wealth (financial services), and Coffee Day Hotels and Resorts Ltd (hospitality)—had debt obligations of at least ₹7,653 crores as on 31 March.
Repayments between March and June-end too helped CDEL reduce loan obligations at a consolidated level. The asset sale will help CDEL pare its debt obligations from ₹4,400 crore to ₹2,400 crore, which will be further lowered via the sale of some of CDEL’s other assets over the next two months,” said the first person.
On 9 August, a little over a week after the alleged suicide of Siddhartha, the CDEL board had decided to sell the technology park, which is owned by Tanglin Developments.
Coffee Day’s sale of tech park to Blackstone through
BENGALURU: The Coffee Day Group has completed the sale of Global Village tech park in Bengaluru to US private equity giant Blackstone, bringing to an end a transaction it first mooted last year.
Karnataka’s registration authorities have issued a letter recording receipt of stamp duty and confirming transfer of ownership.
The group, founded by the late VG Siddhartha, kick-started the sale process in January first week after crossing all major hurdles, including government approvals and a green signal from a clutch of lenders.
“Blackstone will give us the first tranche of about Rs 2000 crore in two to three days. They will release the balance Rs 700 crore after completing other regulatory formalities which may take about four to five months,” a company executive told ET. The statutory approvals include demerger of global village undertaking.
“We will use the entire money to repay debts, and we have not requested for any haircut from the banks,” the person quoted above said. “Our focus now has been to bring down the Group debt to manageable levels from the present at Rs 4700 crore,” he added. Private lender Yes BankNSE -0.53 % will also get about Rs 100 crore, among the others.
Global Village is a 90-acre IT-focused tech park, off Mysuru Road in Bengaluru, developed by Tanglin Developments, a subsidiary of the listed Coffee Day Enterprises (CDEL). The transaction will rid Tanglin of its debt load of Rs 1700 crore. Blackstone group and CDEL did not respond to an email seeking comments on the property registration.
In September, CDEL signed definitive agreements with Blackstone and the Salarpuria Sattva Group to sell its tech park at an enterprise value of Rs 2,700 crore, after the company fell upon hard times following the death of Siddhartha in July.
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The Global Village tech park has 4.5 million square feet of built-up area. In a note he left behind, Siddhartha had estimated that the tech-park would earn Rs 250 crore in rentals over the next 12 months. The park has the potential to add another 5 million square feet of built-up space. The group, through Tanglin, also owns Tech Bay, a 21-acre, riverfront property, in the coastal Karnataka city of Mangaluru.
Global Village Techpark in Bengaluru for Rs 2,700 crore
Owned by CDEL’s subsidiary Tanglin Developments, Global Village Tech Park is spread over 91 acres with a built-up area of around 4 million square feet (sq ft) and a scope for building another 5 million sq ft of office space. The IT park, located off Mysore Road on the outskirts of the city, houses marquee tenants like Accenture and Mindtree and fetches a rental income of around Rs 250 crore a year. The company is said to have engaged with Blackstone for a sale when Siddhartha was at the helm.
However, the discussions had stalled owing to differences overvaluation. In his ‘last letter’, Siddhartha mentioned the valuation of the asset at Rs 3,600 crore.
“The (current) valuation is fairly okay. The earlier valuation, as mentioned in Siddhartha’s purported letter, was based on the assumption that the remaining land parcels can be used for construction which can fetch a higher valuation,” a source in the know said.
Blackstone declined to offer any comment on the development.
However, sources said the tech park would be jointly owned by Blackstone and Bengaluru-headquartered realty firm Salarpuria Sattva Group. “Salarpuria Sattva and Blackstone are likely to form a special purpose vehicle (SPV) for this property, which will be finalised in a meeting towards the end of this week,” another source said.
Global Village Tech Park pin Code?
Global Village Tech Park Road, Rr Nagar Pin code is 560098 and postal head office is Rajarajeshwarinagar
Accenture Global Village Tech Park Address?
The park is situated in Rajarajeshwari Nagar off Mysore Road, behind R.V. Global Village Tech Park – Mindtree Building – Phase 3
Global Village Tech Park Distance?
Distance between Global Village Tech Park and Bangalore International Airport is 49 km or 30.4 miles or 26.5 nautical miles
30 h (1,793.9 km) via AH47 and NH 48
Metro Station Near Global Village Tech Park Bangalore?