CBRE concludes IL&FS’ property sale, Brookfield wins bid for Rs 1,080 crores

New Delhi, April 5, 2022: CBRE South Asia Pvt. Ltd., today announced 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 rs 1,080 crores. The marquee property, with around 4.5 lakh sq. ft. of leasable area, houses tenants such as IBM and Paypal.

The iconic IL&FS Financial Centre was one of the first grade A buildings in BKC.

The deal was a part of resolutions by a government-appointed board, led by Uday Kotak, filed with 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.