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Last Updated : Jun 26, 2020 11:01 PM IST | Source: Moneycontrol.com

Brookfield Asset Management to buy two floors of Jet Airways' BKC property for Rs 490 crore: Report

Earlier this month, the National Company Law Tribunal had allowed Jet to sell its premises at the Bandra Kurla Complex to settle the Rs 360 crore dues of HDFC, clear overseas debt and cover corporate insolvency resolution process costs.

 
 
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Canadian investment fund Brookfield Asset Management is buying two floors of Jet Airways' office property at Mumbai's Bandra-Kurla Complex (BKC), according to a report in Business Standard.

Sources told the publication that Brookfield emerged as the sole bidder at an auction held on June 26. The company will reportedly be buying the two floors of the beleaguered airlines' office property for about Rs 490 crore, which translates to roughly Rs 29,000 per square foot for around 170,000 square feet of office space in the Godrej building.

Earlier this month, the National Company Law Tribunal (NCLT) had allowed Jet to sell its premises at the Bandra Kurla Complex (BKC) to settle the Rs 360 crore dues of mortgage lender HDFC, clear overseas debt and cover corporate insolvency resolution process costs.

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Also Read | Reviving Jet Airways: Long list of suitors surprises. But the big question remains

The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure. The NCLT's Mumbai-bench had on June 20 last year admitted the insolvency petition filed by the lenders' consortium, led by State Bank of India.

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First Published on Jun 26, 2020 10:16 pm
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