C Sivasankaran has sold Sterling Technopolis IT Park to Chennai based-Redington India Limited for Rs. 110Cr.
Redington has bought the IT park, to centralize its operations under one roof.
Sterling Technopolis is owned by VS Net Limited, a part of Siva Group. VSN is involved in real estate and other investment related activities of the group. The IT park has a built-up area of around 2.40 lakh sq ft and is located in Perungudi on the Old Mahabalipuram road. The property is leased out to HCL Technologies at fixed rentals for the period ending March 2015.
Chennai-based C Sivasankaran is the chairman of Siva Group, Siva Industries & Holdings Limited and Siva Ventures Limited.
Recently, Sivasankaran was planning to exit his investment in Hindustan Mills.
Set up in 1961, Redington India, a part of Singapore-based Kewalram Chanrai Group, is an integrated supply chain solutions provider of IT and non-IT products. As on March 2011, Redington along with its subsidiaries has more than 80 brands, 32,000 channel partners, 78 warehouses and 68 sales offices.
Last year, StanC PE bought 10% stake in Redington India Limited for R365.13 Cr, while ECL Finance Ltd, the NBFC arm of Edelweiss bought 2% stake in Redington for R73 Cr
Recently in this space, Panchshil realty acquired 50% stake in IT park project at Yerwada in Pune from Merrill Lynch by paying R300Cr as exit price and R60Cr as dividend to exit. Xander Group's real estate private equity arm acquired 5,70,000 sq ft of office space from Appaswamy Builders in Navalur for $40Mn.
Kotak Realty Fund exited 3C Company's IT park project - Green Boulevard in Noida by selling its 35% stake to the promoters.