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, the company announced through an exchange filing.
GHIAL signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Limited at an enterprise value of Rs 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.
GMR Airports Infrastructure Ltd shares
The shares of GMR Airports Infrastructure on Tuesday at 3:30pm IST were at Rs 41.80, up by 0.60 per cent.