Guardians Real Estate Advisory buys 7,500 sq ft in ONE BKC for about Rs 30 crore – ET RealEstate

MUMBAI: The Guardians Real Estate Advisory has bought a 7,500 sq ft office space at commercial complex One BKC in Mumbai’s business district Bandra-Kurla Complex (BKC) for around Rs 30 crore.

The real estate non-broking consultancy firm has picked up this office space in tower C of the building and plans to use this as its head office. Currently, the firm is based out of another commercial tower The Capital in BKC from where it plans to shift out in the month of September.

While deal size is small compared to other commercial transactions, it assumes significance because of it being an outright purchase in the backdrop of current market environment caused by Covid19 pandemic.

The firm plans to close the purchase with internal funds and has already made a substantially large down payment.

According to the consultancy, the purchase has been made to reduce the recurring cost of lease and comes at the back of the firm announcing sales of Rs 318 crores on Akshaya Tritiya, during the lockdown.

“Around 70% of the payment for the property has been made and we plan to shift during the auspicious days of Navratri this year. The response at our mandated projects post the lockdown gave us the confidence to proceed with the purchase,” said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.

Last year, Blackstone had purchased one of the three wings in ONE BKC at Rs 2,500 crore. The building has noteworthy clients like Bank of America, Facebook, Merril Lynch, Cisco, Amazon and also Brett Lee’s F45 Gymnasium and Fitness Studio.

Recently, Vrihis Properties–a Brookfield Asset Management company acquired beleaguered Jet Airways two floor office in Godrej BKC for Rs 29,000 per sq ft.



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Mumbai: Lenders approve Rs 490 crore bid for Jet Airways’ BKC office – ET RealEstate

MUMBAI: Lenders have approved a Rs 490-crore bid by Vrihis Properties—a Brookfield company—for two floors of office space owned by the now bankrupt Jet Airways in Bandra-Kurla Complex.

As the sole bidder, the Canada-based private equity fund had bid at the reserve price and did not face competition, banking sources said.

At that price, the 1.7 lakh sq ft office space in Godrej BKC Building works out to Rs 29,000/sq ft.

Bankers said it was a good price given the market conditions and uncertainty over real estate prices. Its sale was delayed as although lenders had initiated bankruptcy proceedings, the floors were mortgaged to HDFC.

Jet bid Rs 826 crore for plot in 2008

Bankers are unlikely to get the sale’s proceeds. Bulk of funds will go to HDFC and a small amount will clear airline debts from US Exim Bank.
Mumbai: Lenders approve Rs 490 crore bid for Jet Airways' BKC officeJet Airways, which shut down last year, had bid Rs 826 crore during an MMRDA auction to develop the BKC plot in 2008. The cash-strapped airline later tied up with Godrej Properties in 2011 to jointly develop the plot. In 2015, drug-maker Abbott India bought 4.35 lakh sq ft space in the building for Rs 1,479 crore. HDFC said the property was mortgaged to it by Jet.

A report by real estate consultancy firm JLL said workplace design will see a shift over time due to Covid-19 with a mixed response from occupants. While telecommuting will become more mainstream, leading firms worldwide will embrace flexible workplace arrangements and take steps for social distancing and good hygiene, it said.



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Mumbai-based Vrihis Properties to take over Jet Airways’ BKC office – ET RealEstate

MUMBAI: City-based Vrihis Properties has emerged as a successful bidder for the Jet Airways‘ Bandra Kurla Complex-situated premises and the company has “decided” to accept its offer at Rs 490 crore, now-defunct Jet Airways said in a regulatory filing on Saturday.

The Jet Airways RP had issued a public notice on June 13 for the sale or transfer of third and fourth floors of the company’s building in “Jet Airways Godrej BKC“, by way of public auction at a reserve price of Rs 490 core.

“Pursuant to the e-public auction held on June 26, 2020, Vrihis Properties Private Limited has emerged as the successful bidder. The company has decided to accept the offer of the successful bidder for the transfer of the immovable property, at a price of Rs 490 crore.

“The proceeds from the sale will be utilised as per the directions of the NCLT, Delhi,” Jet Airways’ Resolution Professional said in the filing.

The successful bidder is not a part of the promoter group of the company or a group company and the proposed transaction will not qualify as a related-party transaction, the company said.

The insolvency professional had sought permission of the NCLT for the sale of the premises after a resolution was passed at the 10th committee of creditors (CoC) meeting held on April 24 with approval of 74.45 per cent votes.

The Principal Bench of the NCLT in its order on June 11 granted permission to the grounded airline to sell the premises for utilising the proceeds to settle Rs 360 crore dues of HDFC, as against the mortgage lender’s claim of Rs 424 crore.

The immovable property is not a core asset of the company and will not impact its prospects of reviving its aviation business, the RP said in the filing.

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 National Company Law Tribunal (NCLT) Mumbai-bench had on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Bank of India against Jet Airways.



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