GMR Group Announces Sale of 818,000 sqft Warehouse at Hyderabad Airport
Hyderabad, June 06, 2023: GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited), has revealed its plans to sell an extensive warehouse facility spanning approximately 818,000 square feet at the Hyderabad Airport.
The buyer of this facility is ILP Core Ventures I PTE Limited, a subsidiary of Indospace Core PTE Limited, renowned as India’s largest operator of core logistics and industrial real estate.
GHIAL has successfully concluded the transaction with ILP Core Ventures I PTE Limited, with the enterprise value estimated at INR 188.1 crore.
This divestment is a testament to the GMR Group’s expertise in developing top-notch institutional-grade real estate projects and their ability to generate substantial value through successful exits.
The resulting cash inflow will be utilized to expand facilities and pursue growth opportunities within the Hyderabad Airport Land Development portfolio.
The significant interest shown by multiple global investors further underscores the emergence of Aerocities as a contemporary real estate ecosystem within major airports.
The sale of the warehouse facility was executed through the transfer of GMR Hyderabad Airport Assets Limited’s (GHAAL) complete equity stake. GHAAL, a subsidiary of GHIAL and the special purpose vehicle that owned the warehouse facility, will cease to be a subsidiary of GMR Airports Infrastructure Limited following the conclusion of the transaction.
About GMR Group:
GMR Group is a multinational conglomerate based in New Delhi, India. It was established in 1978 by Grandhi Mallikarjuna Rao and consists of various companies such as GMR Infrastructure, GMR Energy, GMR Airports, and GMR Enterprises.
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