IL&FS gets NCLT nod to sell HQ to Brookfield Asset Management, Real Estate News, ET Real Estate

National Company Law Tribunal ,NCLT) has approved the sale of the headquarters of infrastructure lender IL&FS, a 10-storey coveted property in Mumbaibusiness district of Bandra-Kurla Complex (BKC), global alternative investment leader Brookfield Asset Management,

associate company of brookfield chronos properties Has emerged as the successful bidder to acquire marquee assets worth more than ₹1,080 crore. IL&FS has already received 10% of the total consideration and the deal is expected to close in FY13.

The deal is part of the proposals filed by the government-appointed board in the NCLT. The deal was announced by the then chairman of the board, Uday Kotak, ahead of his term ending on April 2.

The Ministry of Corporate Affairs (MCA) has recently made some changes in the IL&FS board. It has re-nominated CS Rajan, who was the CMD, as non-executive chairman, while the current executive director Nand Kishor has now become the managing director. These changes are effective until March 2023.

In its approval for the sale of the property, the Mumbai bench of the NCLT has excluded the area, spread over 21,644 sq ft, from the size of the total property, as it was assigned by IL&FS. HDFC Standard Life Insurance Company in 2001. “We confirm that the NCLT has approved the proposal to sell TIFC (IL&FS Financial Centre) to the H1 bidder,” an IL&FS spokesperson said in response to ET’s email query.
The iconic property was one of the first structures to come up in BKC, which is now the de facto central business district. commercial Capital. The high-end office building with a leasable area of ​​approximately 450,000 square feet calculates IBM, IDFC, Carlyle Group, Avendus and PayPal as major tenants. The top three floors are occupied by the offices of IL&FS group companies and are expected to be vacant after the completion of the deal.

Answers to individual email queries to Brookfield Asset Management and Transaction Advisor CBRE South Asia remained unanswered till the time of going to press.

In addition to Brookfield Asset Management, several other global and domestic institutional investors showed initial interest in buying the asset.