 "GMR announces divestment of warehouse facility located at Hyderabad Airport")
GMR Hyderabad International Airport Limited (GHIAL), a stepdown subsidiary of GMR Airports Infrastructure Limited, on Tuesday announced the divestment of an approximately 8,18,000 sqft warehouse facility located at the Hyderabad Airport to ILP Core Ventures I PTE Limited.
In a regulatory filing, the company said, “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.”
This transaction is a testament of GMR Group’s capabilities in developing world class institutional grade real estate project assets and generating value through a successful exit, the company said in a statement.
The resulting cashflows will help in deploying capital in expansion 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 said divestment of warehouse facility was concluded by means of divestment of 100 per cent equity stake of GMR Hyderabad Airport Assets Limited (GHAAL), a subsidiary of GHIAL and a special purpose vehicle that owned this warehouse facility.
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As such, post conclusion of the transactions, GHAAL would cease to be a subsidiary of GIL.
ILP Core Ventures I Pte. Ltd. was incorporated on 26 January 2017 in Singapore and is a wholly owned subsidiary of IndoSpace Logistics Parks Core Pte. Ltd.
ILP Core Ventures I Pte. Ltd. owns 100% shareholding of 11 Indian SPVs, which hold fully developed and leased industrial and warehousing asset portfolio of 8.1 mn sft in India.