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Business News/ Companies / News/  Brookfield acquires Jet Airways' BKC office space for 490 cr

Brookfield acquires Jet Airways' BKC office space for ₹490 cr

The proceeds from the sale will be utilised as per the directions of NCLT, Delhi, Principal Bench in its order dated 11 June, the company said

Image for representative purposes only. (PTI)Premium
Image for representative purposes only. (PTI)

Canadian investment firm Brookfield Asset Management is acquiring two floors of office space in Mumbai's business district of Bandra Kurla Complex (BKC) from grounded Jet Airways, the company said in a stock exchange filing on Saturday evening.

"Pursuant to the e-public auction held on June 26, 2020, Vrihis Properties Private Limited, has emerged as the successful bidder. The company has decided to accept the offer of the Successful Bidder for the transfer of the immovable property, at a price of 490 crore," the company said in the filing.

The resolution professional managing the insolvency proceedings of Jet Airways had issued a public notice dated 13 June for the sale of two floors (3rd and 4th) of the company’s building known as “Jet Airways Godrej BKC" through a public auction.

Vrihis Properties is an entity controlled by Brookfield Asset Management.

The proceeds from the sale will be utilised as per the directions of NCLT, Delhi, Principal Bench in its order dated 11 June, the company said.

"The sale and purchase is contingent upon transaction documents proposed to be executed between the company and the bidder. Importantly, the proposed transfer of the immovable property by the company to the successful bidder is contingent (amongst other things) on the successful bidder obtaining the consent of the mumbai metropolitan region development authority for transfer of the immovable property to the successful bidder," it added.

On Friday, Mint reported that the resolution professional to crisis-hit Jet Airways has finalized four consortia of potential bidders who may submit a bid proposal after due diligence.

The resolution professional, Ashish Chhawchharia, has signed a non-disclosure agreement with these suitors and has given them access to the airline’s financial data.

The four consortia include the UK’s Kalrock Capital Partners along with Dubai-based Murari Lal Jalan, Abu Dhabi-based Imperial Capital Investments Llc along with Haryana based Flight Simulation Technique Centre Pvt. Ltd and Mumbai-based Big Charter Pvt. Ltd, Canada-based entrepreneur Sivakumar Rasiah, and Kolkata’s Alpha Airways.

The bidders have been given two weeks to review the financial health of the company and firm up their bids.

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 27 Jun 2020, 08:12 PM IST
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