GMR Group sells 818,000 sqft Warehouse at Hyderabad Airport

09 Jun 2023 CW Team

GMR Group has recently announced the sale of an expansive warehouse facility spanning 818,000 square feet, situated at Hyderabad airport. The facility has been divested to ILP Core Ventures I PTE, a subsidiary of Indospace Core PTE.

The transaction was finalized after GMR Hyderabad International Airport (GHIAL), a subsidiary of GMR Airports Infrastructure, signed definitive agreements with ILP Core Ventures I PTE. The enterprise value of the deal amounted to Rs 1.88 billion.

The proceeds from the sale will be utilized for expanding facilities and exploring growth opportunities within the Hyderabad Airport Land Development portfolio. The substantial interest shown by various global investors further validates the emergence of Aerocities as a contemporary real estate ecosystem within major airports.

To execute the divestment, GMR Hyderabad Airport Assets and a special purpose vehicle, which held full equity ownership of the warehouse facility, were transferred. Consequently, GHAAL will no longer operate as a subsidiary of GIL.

ILP Core Ventures I Pte was established in 2017 as a wholly owned subsidiary of IndoSpace Logistics Parks Core Pte, with its headquarters in Singapore.

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