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By Malvika Gurung
Investing.com — The Canada-based alternative investment giant Brookfield Asset Management has bought the headquarters of the infrastructure development and finance company IL&FS, emerging as the successful bidder.
The headquarter of the company is located in the business district area of Mumbai, at Bandra Kurla Complex (BKC). The building has been sold to Brookfield for Rs 1,080 crore, and the asset will be handed over to the latter in the year.
The infrastructure finance company has been monetising its assets for managing its debt obligations, as it had failed to do so in September 2018, as a result, the government replaced the company’s board and it has since then been working on resolving the debt amount of over Rs 99,000 crore.
Besides, the company’s new board on Tuesday announced resolving debt amounting to Rs 55,000 crore by the end of the month, representing 90% of the debt amount expected to have been resolved.
Resolution of the debt amount of the remaining Rs 6,000 crore is to be completed by FY23, stated the company’s government-appointed board.
Regarding the company’s iconic 10-storey property in BKC, it was among the first structures to have stood up in the area, with a leasable area of 4.5 lakh sq ft, counting IDFC (NS:), The Carlyle Group (NASDAQ:), Avendus, IBM (NYSE:) and Paypal, among others as major tenants.
The top three floors of the building were occupied by IL&FS Group’s offices.
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