IL&FS Group invites EOIs for sale of real estate assets

By: |
Mumbai | Published: October 11, 2019 2:15:22 AM

The IL&FS Group has invited expressions of interest (EoI) for the sale of six residential and seven commercial properties, including 18 units of Kohinoor Square in Dadar (Mumbai).

The board of IL&FS, which is led by Uday Kotak, has engaged CBRE South Asia to assist the sale process.The board of IL&FS, which is led by Uday Kotak, has engaged CBRE South Asia to assist the sale process.

The IL&FS Group has invited expressions of interest (EoI) for the sale of six residential and seven commercial properties, including 18 units of Kohinoor Square in Dadar (Mumbai). Interested parties have till November 15 to submit EoIs for the residential properties and till November 16 for the commercial ones.

The board of IL&FS, which is led by Uday Kotak, has engaged CBRE South Asia to assist the sale process. The premises for sale, most of which are in Mumbai, cover an area of around 4.85 lakh square feet. The 18 units of Kohinoor Square cover 2.78 lakh square feet. Kohinoor CTNL, which developed the Kohinoor Square, has recently come under the scanner of investigative agencies regarding irregularities in the loans given to the developer by the IL&FS group. Other commercial properties up for sale include Maker Chamber VI, at Nariman Point, Mafatlal Chambers in Parel.

The board has invited EoIs for sale of 14 units of Hill County, which are residential premises in Hyderabad. It is also looking to sell residential properties in Bandra, Malabar Hill, Goregaon, Prhabhadevi and Virar in Mumbai. “Consummation of any transaction pursuant to the process initiated by this EOI will be subject to requisite approvals, including corporate approvals of the relevant IL&FS group companies, approval of the board, approval required under applicable law or from statutory authorities, and approval of the NCLT,” the group said.

The group last week said that sale of real estate assets with estimated value of Rs 3,000-3,500 crore is in progress. Last month, the group had also invited EoIs for sale of around 494 acres of land held by Hill County Properties across Telangana, Uttar Pradesh and Andhra Pradesh. Kotak, non-executive chairman of the board, last week said the group hopes to recover around 50% of its debt of over Rs 94,000 crore by March, 2020.

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