Blackstone, Xander eye Siddhartha’s office park
BENGALURU: Private equity giant Blackstone Group, also one of the world’s most influential real estate investors, is in talks to acquire Coffee Day founder V G Siddhartha’s 4.4-million-sqft tenanted office park in a deal estimated at about Rs 2,200 crore, people directly aware of the matter said.
The park, Global Village, located on a 110-acre campus, counts Mindtree, Accenture and Mphasis among its clients. It has the potential to add another 5-6 million sqft of office space as only 45 acres has been used for development till now. Another US-based investor Xander has also initiated discussions for a potential buyout of the park owned by Tanglin Developments, a Coffee Day company.
Siddhartha’s talks to sell the office park comes at a time when he, as the largest shareholder in Mindtree, is expected to trigger an M&A deal for the mid-tier IT services company, which is opposed by its four founders. Mindtree occupies 1.2 million sqft in Global Village, located off Mysore Road, where its HQ is also based.