Leading outsourcing and technology firm Xansa said on 29 May it has entered into an agreement with Alpha Tiger Property Trust Ltd for sale and leaseback of the company's real estate interests in India for Rs190.87 crore (about 35 million Euro).
The agreement appoints Alpha Tiger, which invests in and develops Indian real estate, as Xansa's preferred provider in India, the UK-based company said in a filing to the London Stock Exchange.
This agreement is conditional on local and Central government approvals, including Special Economic Zone (SEZ) notification and is expected to be completed in phases.
The proceeds of the transaction, which are expected to be up to 35 million euros before expenses and taxes, would be used to reduce Group Net Debt, it said.
The agreement would enable Xansa to crystallise the value inherent in its real estate portfolio in the country and establish a strategic relationship with a local real estate partner.
"We have developed our own properties in India over the past ten years. This outsourcing arrangement with Alpha Tiger will provide an excellent solution to our current and future real estate requirements in India, whilst freeing up capital and resource to focus on the further development of our core business," Xansa chief executive Alistair Cox said. Xansa employs over 8,000 people in the UK and India.
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Source: IndiaRealEstateblog
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