Dubai: A Bahraini real estate firm has acquired a 49% stake in an information technology park in Noida at a cost of $69 million.
Acacia Real Estate, a company spearheaded by Bahrain-based TAIB Bank, has acquired 49% 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 24% a year, the deal was structured to give investors downside protection and an average cash coupon of 8% a year over a three-year holding period, he said.
TAIB Bank is the exclusive placement agent for the project.
The property, along the Greater Noida Expressway, consists of four newly built 100 per cent occupied office towers with a total gross leasable area of 461,120 sq-ft.
It is currently leased to Oracle, Mentor Graphics, Conexant Systems and SafeNet InfoTech.