Hypo Real Estate Bank International AG has announced the signing of a €74-million (INR 3,800,000,000) Investment and Construction Facility in India. The facility has been provided to Tanglin Development for the financing and development of 2 million ft² 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.
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).
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."
Source: Hypo Real Estate