GMR Group announces divestment of 8.18 lakh sq. ft. warehouse facility at Hyderabad airport
Jun 06, 2023
GMR Hyderabad International Airport Limited (“GHIAL”) a step-down subsidiary of GMR Airports Infrastructure Limited (Previously known as GMR Infrastructure Limited “GIL”), announced the divestment of an approximately 8,18,000 sq. ft. 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 to 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, like GMR AeroCity Hyderabad, as a new-age real estate ecosystem.