Mumbai: Lenders have approved a Rs 490-crore bid by Vrihis Properties—a Brookfield company—for two floors of office space owned by the now bankrupt Jet Airways in Bandra-Kurla Complex. As the sole bidder, the Canadabased private equity fund had bid at the reserve price and did not face competition, banking sources said.
At that price, the 1.7 lakhsqft office space in Godrej BKC Building works out to Rs 29,000/sqft. Bankers said it was a good price given the market conditions and uncertainty over real estate prices. Its sale was delayed as although lenders had initiated bankruptcy proceedings, the floors were mortgaged to HDFC.
Jet bid Rs 826 crore for plot in 2008
Bankers are unlikely to get the sale’s proceeds. Bulk of funds will go to HDFC and a small amount will clear airline debts from US Exim Bank.
Jet Airways, which shut down last year, had bid Rs 826 crore during an MMRDA auction to develop the BKC plot in 2008. The cash-strapped airline later tied up with Godrej Properties in 2011 to jointly develop the plot. In 2015, drug-maker Abbott India bought 4.35 lakh sq ft space in the building for Rs 1,479 crore. HDFC said the property was mortgaged to it by Jet.
10/07/20 Times of India
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At that price, the 1.7 lakhsqft office space in Godrej BKC Building works out to Rs 29,000/sqft. Bankers said it was a good price given the market conditions and uncertainty over real estate prices. Its sale was delayed as although lenders had initiated bankruptcy proceedings, the floors were mortgaged to HDFC.
Jet bid Rs 826 crore for plot in 2008
Bankers are unlikely to get the sale’s proceeds. Bulk of funds will go to HDFC and a small amount will clear airline debts from US Exim Bank.
Jet Airways, which shut down last year, had bid Rs 826 crore during an MMRDA auction to develop the BKC plot in 2008. The cash-strapped airline later tied up with Godrej Properties in 2011 to jointly develop the plot. In 2015, drug-maker Abbott India bought 4.35 lakh sq ft space in the building for Rs 1,479 crore. HDFC said the property was mortgaged to it by Jet.
10/07/20 Times of India
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