A Bahraini real estate firm has acquired 49 per cent stake in an information technology park in Noida at a cost of USD 69 million.
Acacia Real Estate, a company spearheaded by Bahrain-based TAIB Bank, has acquired 49 per cent of Logix TechnoPark located in Noida.
“We are proud to be able to offer our clients this unique opportunity to invest in India's real estate market,” said Acacia executive committee board member and TAIB Bank chief executive and vice-chairman Iqbal Mamdani.
With a projected internal rate of return of over 24 per cent per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8 per cent per annum over a three-year holding period, he said.
TAIB Bank is the exclusive placement agent for the project.
Source: The Hindu