GMR Hyderabad International Airport Ltd has divested an 8.18 lakh sqft warehouse facility at the Hyderabad airport to ILP Core Ventures I PTE Ltd for an enterprise value of ₹188.1 crore.
Definitive agreements have been signed and the transaction closed with ILP Core Ventures, which is a step-down subsidiary of Indospace Core PTE Ltd, India’s largest operator of core logistics and industrial real estate vehicle, it said in a release on Tuesday.
The deal was concluded by means of divestment of 100% equity stake of GMR Hyderabad Airport Assets Ltd, a subsidiary and a special purpose vehicle that owned the facility, it said.
Describing the transaction as a testament of GMR Group’s capabilities in developing world-class institutional-grade real estate project assets and generating value through successful exit, the company said resulting cashflows will help in deploying capital in expansion facilities. They would also be used for other growth opportunities at the Hyderabad Airport land development portfolio. The wide interest from multiple global investors also reaffirmed aerocities at large airports as a new-age real estate ecosystem, the company said.
Incorporated in Singapore in January 2017, ILP Core Ventures owns 100% shareholding of 11 Indian SPVs, which hold fully developed and leased industrial and warehousing asset portfolio of 8.1 million sqft in India.
