CBRE South Asia has concluded one of India’s largest real estate asset resolutions of IL&FS’ headquarters in Mumbai. The iconic property located in the city’s business district, Bandra-Kurla complex (BKC), will be acquired by Brookfield for Rs 1,080 crores.
One of the first grade A buildings in BKC was the renowned IL&FS Financial Centre. The structure was instrumental in establishing the micro-market as today’s go-to destination for office occupiers. BKC, one of Mumbai’s most sought-after commercial zones, employs over two lakh people. With notable local and foreign property investments in recent years, the complex has continued to exhibit robust growth in the current market landscape.
The deal was part of resolutions filed with the National Company Law Tribunal Mumbai (Special) Bench / National Company Law Appellate Tribunal by a government-appointed board led by Uday Kotak. IL&FS has submitted an application to NCLT for approval, and the deal is expected to close in the coming quarters.
“This transaction is just another example of CBRE’s outstanding client services, which are continually refined and developed in response to changing market circumstances.” “With this extraordinary success, we applaud our capital markets team, which continues to cement the company’s leadership as an integrated capital solutions provider,” said Anshuman Magazine, chairman & CEO, CBRE India, Southeast Asia, Middle East & Africa.
“Despite the current economic climate, CBRE’s capital markets team continues to make important contributions to providing industry-leading services to our clients.” The sale of IL&FS’ Mumbai headquarters will be a landmark deal in the Indian real estate market,” stated Gaurav Kumar and Nikhil Bhatia, MDs of CBRE India’s Capital Markets and Land division.