IL&FS Plans To Raise Rs 480 Crore From Sale Of Two Towers At Gift City
IL&FS has put its two towers–Gift One and Gift Two–having a developable area of around 6 lakh sqft on the block and has invited expressions of interest from investors. Bankrupt IL&FS group has put on block its entire commercial real estate assets in the Gujarat International Finance Tec-City (Gift City) for sale, which according to sources, is likely to fetch around Rs 480 crore.
IL&FS said it has put its two towers–Gift 1 and Gift 2–having a developable area of around 6-lakh sqft on the block and has invited expressions of interest from investors. These two commercial towers of 28-storeys each are developed by special purpose vehicles–Sabarmati Capital One and Sabarmati Capital Two–respectively, which are subsidiaries of IL&FS Urban Infrastructure.
The deal is expected to fetch the crippled company around Rs 480 crore and property consultant CBRE is assisting for the transaction. Gift City, a 50:50 joint venture between the IL&FS and state-owned Gujarat Urban Development Company, has executed 99-year lease deed commencing from June 2013 for the land in favour of the two special purpose vehicles and had granted development permission for the built-up area of around 6-lakh sqft each to them. The Gujarat government had also announced its plans to buy out the 50 percent stake in Gift City from IL&FS to ensure there were no delays in executing the ambitious project.
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