GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Infrastructure, has revealed the divestment of an approximately 8,18,000 sqft warehouse facility located at the Hyderabad Airport.

ILP Core Ventures I PTE Limited, a subsidiary of Indospace Core PTE Limited and India’s largest operator of core logistics and industrial real estate, has acquired the facility. The transaction was closed at an enterprise value of INR 188.1 crores.

This divestment highlights the GMR Group’s proficiency in developing institutional-grade real estate projects and creating value through successful exits. The resulting cash inflows from the transaction will facilitate capital deployment in expansion facilities and other growth opportunities within the Hyderabad Airport Land Development portfolio.

The transaction also signifies the emergence of aerocities at major airports as a new-age real estate ecosystem, as demonstrated by the significant interest from multiple global investors.

The divestment of the warehouse facility was executed through the sale of a 100% equity stake in GMR Hyderabad Airport Assets Limited (GHAAL), a subsidiary of GHIAL, and the special purpose vehicle that owned the warehouse facility. Following the conclusion of the transaction, GHAAL will no longer be a subsidiary of GMR Airports Infrastructure Limited.

ILP Core Ventures I, a wholly owned subsidiary of IndoSpace Logistics Parks Core, was incorporated in Singapore in January 2017. The company holds 100% shareholding in 11 Indian special purpose vehicles (SPVs), which collectively possess a fully developed and leased industrial and warehousing asset portfolio of 8.1 million square feet across India.

  GMR Airports, GMR Airports Infrastructure, GMR Group, GMR Hyderabad International Airport Limited, Hyderabad, India, Indospace Core PTE, IndoSpace Logistics Parks Core