CBRE South Asia announced the conclusion of 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 INR 1,080 crores. The marquee property, with around 4.5 lakh sq. ft. of leasable area, houses eminent tenants such as IBM and Paypal.
The iconic IL&FS Financial Centre was one of the first grade A buildings in BKC. The building has played an important role in establishing the micro-market as the go-to destination for office occupiers today. Mumbai’s BKC provides more than two lakh jobs and is the city’s most-sought-after commercial district. The complex continues to showcase strong growth amid the current market landscape, with noteworthy domestic and international property investments in recent years.
The deal was a part of resolutions by a government-appointed board, led by Uday Kotak, filed with Hon’ble National Company Law Tribunal Mumbai (Special) Bench / National Company Law Appellate Tribunal. IL&FS has filed the application of approval from NCLT and is expecting the deal closure post approval in the next couple of quarters.
“The transaction is yet another accolade of CBRE’s exceptional client services that continue to refine and develop in-line with the evolving market dynamics. We congratulate our capital markets team that continues to reinforce the company’s leadership as an integrated capital solutions provider with this exceptional achievement,” said Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE.
“Despite socio-economic uncertainties, CBRE’s capital markets team continues to contribute significantly to deliver industry-leading services to our clients. The divestment of IL&FS’ headquarters in Mumbai will be a marquee transaction within the Indian real estate landscape.”, said Gaurav Kumar & Nikhil Bhatia, Managing Directors for ‘Capital Markets & Land’ for CBRE, India.
CBRE India was also recently ranked the top-firm (for Capital Markets) in India with over 56% market share, according to Real Capital Analytics (RCA), Global Rankings 2021. The company has held the top-spot for Commercial Real Estate Investment Sales for six years running.