Brookfield acquires Jet Airways Mumbai office for $65mn

The proceeds from the sale will be utilised as per the directions of the National Company Law Tribunal.

Canadian investment fund Brookfield Asset Management has bought office space across two floors from Jet Airways in Bandra Kurla Complex in Mumbai for $65 million. The proceeds from the sale will be utilised as per the directions of the National Company Law Tribunal (NCLT).

Brookfield, represented through its affiliate Vrihis Properties, has emerged as a successful bidder, and has bought third and fourth floors in office building - Jet Airways Godrej BKC, the airline said in a stock-exchange filing. "The sale and purchase is contingent upon transaction documents proposed to be executed between the company and the bidder. Importantly, the proposed transfer of the immovable property by the company is contingent on the successful bidder obtaining the consent of the Mumbai Metropolitan Region Development Authority for transfer of the immovable property," it added.

Bidders who were in the race to acquire the asset included UK's Kalrock Capital Partners along with Dubai-based Murari Lal Jalan, and Abu Dhabi-based Imperial Capital Investments Llc, among others.