IL&FS headquarters at BKC sold to Brookfield for ₹1,080 crore

Uday Kotak’s tenure to end on April 2

The iconic IL&FS headquarters, located at Bandra Kurla Complex (BKC) has been sold to Brookfield Asset Management for ₹1,080 crore, the board of the scam-hit conglomerate informed on Tuesday. 

The deal was signed on March 25 and Brookfield has paid performance guarantee of ₹108 crore. 

“Letter of Intent has been signed and NCLT filing has taken place,” C.S. Rajan, MD, IL&FS, disclosed at a press conference.

The building, completed in the ’90s, is owned by group company TIFC. It will change hands during the course of 2022-23, he said.

“For me, in many ways, IL&FS is symbolised by this outstanding construction which is among the first buildings in BKC,” said non-executive chairman Uday Kotak.

“We, as a public interest board, did what is right for all the stakeholders and it is probably among the last major decisions taken during my tenure. It was a team job but there was sadness at the [signing] event. But we wanted to do what is right,” he added.

He said there were many interested parties but most had issues with the structure of the building. Stating that it gone to the best buyer he said the property had been “sold at ₹29,000 per sq. ft, which is the prevailing rate in BKC.”