So, Coffee Day Enterprises has brought down its INR 4970 crore debt by more than half! It reached a definitive agreement to sell its Global Village Technology Park, Bengaluru to BLACKSTONE and southern developer Salarpuria Sattva for INR 2700 Crore.
This 4-millionsqft tenanted office space, located on 90 acre, was till date owned by Tanglin Development, (TDL) which happens to be the real estate arm of Coffee Day Enterprises Limited. BLACKSTONE, as the largest alternative investment firm in the world, specializes in private equity, credit, and hedge fund investment strategies.
Apart from the real estate, the CDEL's logistics subsidiary, Sical is also sitting on significant loans. While Sical Logistics is a listed subsidiary on the bay stock exchange, the company had planned to sell its entire promoter stake and assets. It is likely to see bidding by Adani Group and JSW Group.
Well, the company, whose story with coffee in India began in 1993, saw a 5% rise in its share within 24 hours of its BLACKSTONE-GLOBAL VILLAGE TECH PARK deal.#instamood #instadaily #bestoftheday #ccd #blackstone #business #businesscasual #news #todaynews #likeforfollow #likeforlikes #followforfollowback