IL&FS Sells its Mumbai Headquarter to Brookfield

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IL&FS Sells its Mumbai Headquarter to Brookfield
30 Mar 2022
4 min read

News Synopsis

Brookfield Asset Management, the Canada-based alternative investment giant, has bought the headquarters of the infrastructure development and finance company IL&FS.

The headquarter of the company, which is located in the business district area of Mumbai and has been sold to Brookfield for Rs 1,080 crore. The asset will be handed over to the latter in the year.

IL&FS has been monetising its assets for managing its debt obligations, as it had failed to do so in earlier in September 2018. As a result to which, the government replaced the company’s board and has been working on resolving the debt amount of more than Rs 99,000 crore.

The company’s new board has also announced resolving debt amounting to Rs 55,000 crore by the end of the month, representing that 90% of the debt amount is expected to have been resolved. 

As for the company's landmark 10-story property in BKC, it's one of the first to be built in the area, with a leasable area of ​​4.5 lakh square feet, including IDFC, The Carlyle Group, Avendus, IBM and Paypal, among others as principal tenants.

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