Bahrain firm acquires 49 pc stake in India IT park

DUBAI: A Bahraini real estate firm has acquired 49 per cent 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 per cent of Logix TechnoPark located at Noida in Uttar Pradesh.

"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. 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