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Monday, July 22, 2024

GMR Group announces divestment of warehouse facility at Hyderabad Airport at Rs 188.1 cr


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Hyderabad: GMR Hyderabad International Airport Limited (“GHIAL”) a step-down subsidiary of GMR Airports Infrastructure Limited (Previously known as GMR Infrastructure Limited) (GIL), on Tuesday announced the divestment of around 8,18,000 sqft warehouse facility located at the Hyderabad airport to ILP Core Ventures I PTE Limited, a subsidiary of Indospace Core PTE Limited, India’s largest operator of core logistics and industrial real estate vehicle.

GHIAL signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Limited at an enterprise value of INR 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 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 divestment of warehouse facility was concluded by means of divestment of 100 equity stake of GMR Hyderabad Airport Assets Limited (“GHAAL”), a subsidiary of GHIAL and a special purpose vehicle that owned this warehouse facility.

ILP Core Ventures I Pte. Ltd. owns 100 per cent shareholding of 11 Indian SPVs, which hold a fully developed and leased industrial and warehousing asset portfolio of 8.1 mn sft in India.

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