Blackstone may buy Mumbai's BKC headquarters
US-based PE fund Blackstone is in talks with cash-strapped IL&FS to buy the latter’s head office building in Bandra Kurla Complex in Mumbai, sources said. Though the talks are in preliminary stages, the 400,000-sq ft building could fetch anywhere between Rs 14 and 15 billion, given the rates in the area, sources said. Capital values are between Rs 35,000 and Rs 40,000 per sq ft in BKC. “The plan to meet their obligations and have an asset light model,” said sources. An IL&FS spokesperson said, "Several potential buyers have expressed interest for the IL&FS Financial Centre, and it will be premature to offer any specific comment.” IL&FS has been facing debt woes for some time.
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