Hypo Real Estate invests Rs 380cr in Tanglin

Tanglin Development, a real-estate venture floated by V G Siddhartha who runs the Cafe Coffee Day chain, has raised Rs 380 crore from Hypo Real Estate Bank International. Hypo Real Estate Bank International is a member of German-based Hypo Real Estate Group which manages billions of dollars in assets.

Hypo Real Estate Bank International announcing this deal said that it has signed a flagship transaction in India . "The facility has been provided to Tanglin Development for the financing and development of 2 million square feet of additional IT office space at Global Tech Park in Bangalore. The transaction completed on 9 March 2007 and first drawdown took place on 13 March 2007," a statement from Hypo noted. Mape Advisory Group advised Tanglin on this transaction.

The existing Global Tech Park comprises approximately 700,000 sq.ft of office space let to a range of IT tenants. The new space will be developed on an adjacent 67 acre site which has been designated as a special Economic Zone (SEZ). Companies such as MindTree, EDS-MphasiS and Kyocera are the principal occupants and Texas Instruments is expected to move in with a data centre.

Commenting, Frank Lamby, Member of the Management Board of Hypo Real Estate Holding and responsible for the Segment Commercial Real Estate, said: "Hypo Real Estate Group is delighted to be able to announce this transaction in India, a key new market for us. Our pipeline in India is very strong and we will be continuing to expand our presence and capabilities in this important market."

Harin Thaker, Member of the Management Board of Hypo Real Estate Bank International AG with responsibility for India, adds: "We are proud of this landmark project and development for Tanglin Development, a leading Indian client."