IL&FS eyes 480 cr from sale of two towers at Gift City

Bankrupt IL&FS group has put on block its entire commercial real estate assets in the Gujarat International Finance Tec-City (Gift City) for sale, which according to sources, is likely to fetch around Rs 480 crore. In a public notice Monday, IL&FS said it has put its two towers--Gift One and Gift Two--having a developable area of around 6 lakh sqft on the block and has invited expressions of interest from investors. These two commercial towers of 28-storeys each, are developed by special purpose vehicles--Sabarmati Capital One and Sabarmati Capital Two--respectively, which are subsidiaries of IL&FS Urban Infrastructure. According to industry experts, the deal is expected to fetch the crippled company around Rs 480 crore and property consultant CBRE is assisting for the transaction.