GMR Group announces divestment of 8,18,000 sqft warehouse facility located at the Hyderabad Airport

GMR Hyderabad International Airport Limited ("GHIAL") a stepdown subsidiary of GMR Airports Infrastructure Limited (Previously known as GMR Infrastructure Limited) ("GIL"), today announced the divestment of an approximately 8,18,000 sqft warehouse facility located at the Hyderabad Airport to ILP Core Ventures I PTE Limited, a step down 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 Cr.

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 cashflows 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 said 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. As such, post conclusion of the transactions, GHAAL would cease to be a subsidiary of GIL.

ILP Core Ventures I Pte. Ltd. was incorporated on 26 January 2017 in Singapore and is a wholly owned subsidiary of IndoSpace Logistics Parks Core Pte. Ltd.

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

Shares of GMR Airports Infrastructure Limited was last trading in BSE at Rs. 41.62 as compared to the previous close of Rs. 41.49. The total number of shares traded during the day was 1436838 in over 929 trades.

The stock hit an intraday high of Rs. 42.08 and intraday low of 41.33. The net turnover during the day was Rs. 60015010.00.

Source : Equity Bulls

Keywords

GMRAirportsInfrastructure INE776C01039 GMRGroup Divestment WarehouseFacility HyderabadAirport