A Bahraini real estate firm has acquired 49% 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.
Mr. Iqbal Mamdani, Acacia executive committee board member and TAIB Bank chief executive, said, "We are proud to be able to offer our clients this unique opportunity to invest in India’s real estate market". Further he said that with a projected internal rate of return of over 24% per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8% per annum over a three-year holding period.