A Bahraini real estate firm has acquired 49% stake in an information technology park in Noida for $69 million.Acacia Real Estate, a company promoted by Bahrain-based TAIB Bank, has acquired 49% of Logix TechnoPark located in Noida.
With a projected internal rate of return of over 24% per annum, the deal is structured to provide investors with downside protection and an average coupon of 8% per annum over a three-year holding period, he added.
The property, along the Greater Noida Expressway, consists of four newly built 100% 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.
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