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Acacia Aquires 49% Stake in IT Park
| March 4, 2008 |  (Be the first to rate this story!) Loading ... |
Acacia, a Bahrain based Real Estate Company has acquired 49 per cent stake in an IT park in Noida. The total acquisition cost was $69 million. With a projected internal rate of return of over 24pc per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8pc per annum over a three-year holding period.
The property, along the Greater Noida Expressway, consists of four newly built 100pc occupied office towers with a total gross leasable area of 461,120sq/ft. It is currently leased to such strong tenants as Oracle, Mentor Graphics, Conexant Systems and SafeNet InfoTech.
“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.
News Published Under: Real Estate India |
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