Tanglin Development, a real-estate venture floated by V G Siddhartha who runs the Cafe Coffee Day chain, has raised Rs 380 crore from Hypo Real Estate Bank International. Hypo Real Estate Bank International is a member of German-based Hypo Real Estate Group which manages billions of dollars in assets. | |
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| Hypo Real Estate Bank International announcing this deal said that it has signed a flagship transaction in India . "The facility has been provided to Tanglin Development for the financing and development of 2 million square feet of additional IT office space at Global Tech Park in Bangalore. The transaction completed on 9 March 2007 and first drawdown took place on 13 March 2007," a statement from Hypo noted. Mape Advisory Group advised Tanglin on this transaction. |
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| The existing Global Tech Park comprises approximately 700,000 sq.ft of office space let to a range of IT tenants. The new space will be developed on an adjacent 67 acre site which has been designated as a special Economic Zone (SEZ). Companies such as MindTree, EDS-MphasiS and Kyocera are the principal occupants and Texas Instruments is expected to move in with a data centre. |
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| Commenting, Frank Lamby, Member of the Management Board of Hypo Real Estate Holding and responsible for the Segment Commercial Real Estate, said: "Hypo Real Estate Group is delighted to be able to announce this transaction in India, a key new market for us. Our pipeline in India is very strong and we will be continuing to expand our presence and capabilities in this important market." |
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| Harin Thaker, Member of the Management Board of Hypo Real Estate Bank International AG with responsibility for India, adds: "We are proud of this landmark project and development for Tanglin Development, a leading Indian client." |
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