Blackstone plans to buy Vrindavan Tech Village in Bangalore
Bangalore- Private equity giant Blackstone Group has been planning to buy one of the largest Bangalore-based IT park developments, Vrindavan Tech Village for approximately Rs 800 to 900 crore, revealed sources.
The PE firm which has already been in competition with other global investors Xander Group and Mapletree for buying Unitech Infospace at Dundahera, near Gurgaon, is now completing due diligence on the Tech Village.
Vrindavan Tech Village, located on outer ring road (ORR) is being developed by Assetz Group. It is being promoted by the chairman of Vikas Telecom, Mithilesh Kumar Tripathi.
The Tech Village includes 2.1 million sq ft of tenanted space and 75 acre of undeveloped land. The Vrindavan promoters has 106 acres of which 25 acre has been used for the first phase. Currently the tech park in Bangalore has tenants such as Cisco, Nokia, Sony, Talisma and Ness Technologies.
The deal is expected to value Vrindavan at about Rs 2,200 crore after factoring Rs 1,200 crore debt and possible payouts to state government to settle the lease-cum-sale model. According to sources, there is an ongoing arbitration of the project with Citigroup, which had provided financial aid to project in the past.
If the deal is confirmed, the private equity investor bring in Embassy Group, its joint venture partner. Blackstone Group had paid Rs 810 crore to acquire DLF’s IT SEZ in Pune a year ago.
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