GMR divests warehouse facility at Hyderabad airport to ILP Core Ventures

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IANS | 06 Jun, 2023
GMR Hyderabad International Airport Ltd (GHIAL), subsidiary of GMR Airports Infrastructure Ltd, on Tuesday announced the divestment of an approximately 8,18,000 square feet warehouse facility located at the Hyderabad airport to ILP Core Ventures I PTE Ltd, a subsidiary of Indospace Core PTE Ltd, India's largest operator of core logistics and industrial real estate vehicle.

GHIAL said in a statement that it has signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Ltd at an enterprise value of Rs 188.1 crore.

"The said divestment of warehouse facility was concluded by means of divestment of 100 per cent equity stake of GMR Hyderabad Airport Assets Ltd (GHAAL), a subsidiary of GHIAL and a special purpose vehicle that owned this warehouse facility. As such, post conclusion of the transactions, GHAAL would cease to be a subsidiary of GIL," GHIAL said.

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 resulting cash-flows will help in deploying capital in expansion facilities and other growth opportunities at the Hyderabad Airport Land Development portfolio, it added.

ILP Core Ventures I Pte Ltd was incorporated in 2017 in Singapore and is a wholly owned subsidiary of IndoSpace Logistics Parks Core Pte. Ltd.

It owns 100 per cent shareholding of 11 Indian SPVs, which hold fully developed and leased industrial and warehousing asset portfolio of 8.1 million square feet in India.