GMR Hyderabad airport divests warehouse to ILP Core Ventures for ₹188 crore
1 min read 06 Jun 2023, 10:07 PM ISTThe resulting cash- flows will help in deploying capital in expansion facilities and other growth opportunities at the Hyderabad airport land development portfolio, the company said
PremiumGMR Hyderabad International Airport Limited has divested approximately 0.8 million square feet warehouse facility at the airport to ILP Core Ventures for ₹188 crore, the company said today.
GMR Hyderabad International Airport is a stepdown subsidiary of GMR Airports Infrastructure Limited and ILP Core Ventures I PTE Limited is a step down subsidiary of Indospace Core PTE Limited.
IndoSpace Core is a joint venture between logistics and industrial real estate investor, developer and operator IndoSpace and investor Canada Pension Plan Investment Board. Its national network consists of 50 logistics parks with 57 million square feet delivered or under development across 10 cities.
GMR Hyderabad airport signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Limited at an enterprise value of ₹188.1 Cr, the company said.
The resulting cash- flows will help in deploying capital in expansion facilities and other growth opportunities at the Hyderabad airport land development portfolio, the company added.
The divestment got concluded by means of divestment of 100% equity stake of GMR Hyderabad Airport Assets Limited, a special purpose vehicle that owned this warehouse facility.
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 owns 100% shareholding of 11 Indian special purpose vehicles, which hold fully developed and leased industrial and warehousing asset portfolio of 8.1 million sq ft in India.
