BENGALURU: Cafe Coffee Day ( CCD ) parent Coffee Day Enterprises said it has reached a definitive agreement to sell its Global Village Technology Park in the city to Blackstone and southern developer Salarpuria Sattva in a deal which gives the asset an enterprise value of Rs 2,700 crore. The company, whose founder V G Siddhartha committed suicide in July following financial troubles, said the deal will “substantially bring down the debt level”, which was Rs 4,970 crore.The two companies had earlier said that the deal will be in the range of Rs 2,600-3,000 crore. The transaction will involve an initial payment of Rs 2,000 crore by October 31 and the remaining Rs 700 crore after the regulatory approval. Global Village will first be demerged from Coffee Day Enterprises’ real estate unit Tanglin Development (TDL), which also owns a business park in Mangaluru.“The completion of the transaction is dependent on the transfer of Global Village TechPark asset from TDL to GV Techpark Private Limited,” said the company in a statement to the exchange. Shares of Coffee Day Enterprises closed 2% down at Rs 73 on the BSE on Tuesday.The deal is the first major divestiture by Coffee Day Enterprises, which has also been in talks to sell its logistics unit Sical and flagship retail business CCD. The deal is being done through a special purpose vehicle where Blackstone will own 80% and the remaining 20% will be held by Salarpuria.TOI had reported in March that Blackstone-Salarpuria is in talks to buy the technology park for about Rs 2,800 crore and on September 17 about the deal contours getting finalised. Global Village TechPark is a 4-million-sqft tenanted office space located on a 120-acre campus.The IT park in Bengaluru has a let-out office space portfolio of 3.9 million sqft and counts Mindtree and Accenture as anchor clients currently occupying over 2 million sqft. The park accounted for 3.5% of the revenues of Coffee Day Enterprises.