Alpha Tiger to invest in Logix IT projects
Alpha Tiger Property Trust, a closed-ended investment company registered in Guernsey , invests in realty opportunities in India. Logix Group CMD Shakti Nath said Alpha Tiger has agreed to invest Rs 110 crore for 50% stake in the SPV, which is deve...
By TNN |
Alpha Tiger Property Trust, a closed-ended investment company registered in Guernsey , invests in realty opportunities in India. Logix Group CMD Shakti Nath said Alpha Tiger has agreed to invest Rs 110 crore for 50% stake in the SPV, which is developing half the area of the Noida-based IT SEZ called Logix Galaxia.
The term sheet for the transaction has been closed and a formal agreement is likely to be signed in the next few weeks. The SPV is expected to develop 12 lakh sq ft of IT space in the SEZ at a cost of Rs 300 crore. The other half of the 25-lakh sq ft SEZ is being developed by another realty firm Uppal Group.
The SEZ is likely to be partially operational by the middle of 2009 and would be completely ready in another six months, Mr Nath said. ���We will also build residential space in the SEZ exclusively for IT employees. In addition, we will offer a host of facilities, including service apartments, auditorium, gymnasium and other services,��� said Mr Nath.
Two months ago, Alpha Tiger had committed Rs 120 crore for stake in two other IT park projects of Logix Group���in Logix Technova I and 33% in Logix Technova II.
The term sheet for the transaction has been closed and a formal agreement is likely to be signed in the next few weeks. The SPV is expected to develop 12 lakh sq ft of IT space in the SEZ at a cost of Rs 300 crore. The other half of the 25-lakh sq ft SEZ is being developed by another realty firm Uppal Group.
The SEZ is likely to be partially operational by the middle of 2009 and would be completely ready in another six months, Mr Nath said. ���We will also build residential space in the SEZ exclusively for IT employees. In addition, we will offer a host of facilities, including service apartments, auditorium, gymnasium and other services,��� said Mr Nath.
Two months ago, Alpha Tiger had committed Rs 120 crore for stake in two other IT park projects of Logix Group���in Logix Technova I and 33% in Logix Technova II.
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