GMR group divests warehouse facility at Hyderabad airport for Rs 188 crore

GMR group on Tuesday said it has divested its 8.18 lakh square feet warehousing facility at the Hyderabad Airport to ILP Core Ventures I PTE Limited for Rs 188.1 crore. GMR Hyderabad International Airport Limited (GHIAL), a step-down subsidiary of GMR Airports Infrastructure Limited, has signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Ltd, it said in a statement. ILP Core Ventures I PTE Ltd is a step-down subsidiary of Indospace Core PTE Ltd.

This divestment of the warehousing facility was concluded by means of divestment of a 100 per cent equity stake of GMR Hyderabad Airport Assets Limited (GHAAL), a subsidiary of GHIAL and a special purpose vehicle (SPV) that owned this warehouse facility, the group said. Post the conclusion of the transactions, GHAAL would cease to be a subsidiary of GHIAL, it added.
The resulting cash flows from the deal will help in deploying capital in expansion facilities and other growth opportunities at the Hyderabad Airport Land Development portfolio, the statement said.

Incorporated in January 2017 in Singapore, ILP Core Ventures I Pte. Ltd is a wholly-owned subsidiary of IndoSpace Logistics Parks Core Pte. Ltd, and owns a 100 per cent shareholding of 11 Indian SPVs, which hold a fully developed and leased industrial and warehousing asset portfolio of 8.1 million square feet of space in India.