March 29, 2024 11:43 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63 | NIA arrests key conspirator in Bengaluru cafe blast case | Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI
GMR Group to divest Hyderabad Airport warehouse facility at Rs 188 cr Hyderabad Airport

GMR Group to divest Hyderabad Airport warehouse facility at Rs 188 cr

India Blooms News Service | @indiablooms | 06 Jun 2023, 10:18 pm

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)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.