Real Estate

Vrihis Properties buys Jet Airways’ Bandra Kurla office premises for ₹490 crore

Our Bureau Mumbai | Updated on June 28, 2020

Jet Airways office at BKC Mumbai.   -  The Hindu

Brookfield Asset Management's subsidiary, Vrihis Properties Pvt Ltd, has purchased Jet Airways' office premises at Bandra Kurla Complex (BKC) In Mumbai for ₹490 crore.

Late evening on Saturday, Jet Airways Resolution professional informed the exchanges that Vrihis Properties Pvt Ltd was the successful bidder. Vrihis, is owned by Brookfield.

“The company has decided to accept the offer of the Successful Bidder for the transfer of the immovable Property, at a price of ₹490 crore. An auction was held on Friday, where multiple parties bid for the approximately 1.70 lakh square feet of third and fourth floors of the building Jet Airways Godrej BKC along with the right to use 138 car parking spaces. The reserve price for potential bidders was set at ₹490 crore.

The proceeds from the sale will be utilised as per the directions of the NCLT, Delhi, Principal Bench in its order dated June 11, 2020.”

The said property was mortgaged to twice in September 2017 and February 2018 respectively by Jet Airways to HDFC Ltd against a loan. Eventually, in April 2019, the airline went belly up and wasn’t able to pay up to HDFC among other operational and financial creditors and was dragged to the NCLT.

Published on June 28, 2020

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