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GMR Group Sells Hyderabad Airport Warehouse Facility For Rs 188 Cr
The warehouse property was divested by selling a 100 per cent ownership position in GMR Hyderabad Airport Assets (GHAAL), a subsidiary of GHIAL and a special-purpose vehicle that owned the warehouse facility
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GMR Group announced the sale of an 8,18,000-square-foot warehousing building at Hyderabad's Rajiv Gandhi International Airport on Tuesday.
GMR Hyderabad International Airport (GHIAL), a step-down subsidiary of GMR Airports Infrastructure, signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE for an enterprise value of Rs 188.1 crore.
“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 deploy capital in expansion facilities and other growth opportunities at the Hyderabad Airport Land Development portfolio,” the official release said.
According to the data, the warehouse property was divested by selling a 100 per cent ownership position in GMR Hyderabad Airport Assets (GHAAL), a subsidiary of GHIAL and a special-purpose vehicle that owned the warehouse facility. GHAAL will no longer be a subsidiary of GIL after the transactions are completed, according to Kit.
ILP Core Ventures I PTE founded on 26 January 2017, is a wholly owned subsidiary of IndoSpace Logistics Parks Core PTE. It owns a 100 per cent stake in 11 Indian SPVs that have a fully developed and leased industrial and warehousing asset portfolio of 8.1 million square feet in India.