GMR Group to divest Hyderabad Airport warehouse facility at Rs 188 cr
Hyderabad: GMR Hyderabad International Airport Ltd, a step-down subsidiary of GMR Airports Infrastructure Ltd, on Tuesday announced the divestment of around 8,18,000 sq ft of its warehouse facility located at the Hyderabad airport.
The buyer ILP Core Ventures I PTE Limited is a subsidiary of Indospace Core PTE Limited, India’s largest operator of core logistics and industrial real estate vehicles.
GHIAL signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Limited at an enterprise value of Rs 188.1 crore, the airport said in a release here.
This transaction is a testament to GMR Group’s capabilities in developing world-class institutional-grade real estate project assets and generating value through a successful exit.
The resulting cash flows will help in the expansion of facilities and other growth opportunities at the Hyderabad Airport Land Development portfolio.
The wide interest from multiple global investors also reaffirms Aerocities at large airports as a new-age real estate ecosystem.
The divestment of the warehouse facility was concluded by means of the divestment of 100 equity stakes of GMR Hyderabad Airport Assets Limited, a subsidiary of GHIAL, and a special-purpose vehicle that owned this warehouse facility.
ILP Core Ventures I Pte. Ltd. owns a 100 percent shareholding of 11 Indian SPVs, which hold a fully developed and leased industrial and warehousing asset portfolio of 8.1 mn sq ft in India.
(With UNI inputs)