The IL&FS building, its unique glass facade seemingly mirroring BKC‘s emergence as Mumbai’s primary corporate hub in the new millennium, is changing hands, with Brookfield Asset Management offering to pay more than ₹1,100 crore for the property that has been home to the debt-laden financier for decades.
People with direct knowledge of the development said Brookfield made the highest offer for the 10-storied property that most accurately captures the pronounced northward shift in Mumbai’s financial nerve centre, away from Nariman Point on the southern tip of the metropolis.
The asset is being monetized through a price-discovery mechanism and there was no reserve price. However, the IL&FS board had estimated it was worth ₹1,200 crore. “The deal is done. All the documentation and processes will be concluded in the first quarter of next financial year (FY23),” said one of the persons.
The building is mortgaged with HDFC for loans outstanding worth ₹400 crore and the sale proceeds will be used to pay off those debts.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.