Tanglin Developments, the real estate development arm of Bangalore-based Coffee Day Group, has raised close to Rs 400 crore debt from HDFC to repay an earlier debt raised from German real-estate lender Hypo Real Estate.
Tanglin Developments, led by V G Siddhartha of Coffee Day Holdings, had effected a structured fund raising of Rs 380 crore during March 2007 from Hypo Real Estate Bank International, a member of the Hypo Real Estate Group. Tanglin had raised these funds for financing and developing a 2 million square feet of an additional IT office space at Global Tech Park in Bangalore. Hypo Real Estate, under severe stress after getting a bloodied nose during the recent slowdown, is now under the control of the German government. Coffee Day Group officials confirmed the deal with HDFC.
Tanglin’s developments include technology parks at the Global Village Technology Park on 91 acres on the outskirts of Bangalore and TechBay on 23 acres on the ocean front at Mangalore. In 2009-10, TDL had a net loss of Rs 2.84 crore on an operating income of Rs 36.59 crore compared to a net loss of Rs 1.32 crore on an operating income of Rs 22.5 crore in 2008-09.
Tanglin Development is a wholly-owned subsidiary of Coffee Day Resorts Private Limited, which, early last year raised Rs 1,200 crore from Standard Chartered Private Equity, KKR and New Silk Route.
In addition to the two tech parks, it owns close to 100 acres near Pune, which may also be developed into a tech park.