M&A

M&A

Brookfield acquires insolvent Jet Airways' office in Mumbai’s BKC for Rs.370-Cr

Economic Times  

Toronto, Canada-based alternative investment major Brookfield Asset Management has acquired Jet Airways ' additional office floor in commercial tower Godrej BKC in Mumbai's Bandra-Kurla Complex (BKC) for INR 370.25 crore under the Insolvency and Bankruptcy Code (IBC).Bank of Baroda had initially emerged as the highest bidder, but Brookfield has now exercised its right of first refusal to match the bid and secure the asset.With this purchase, Brookfield’s footprint in the 19-storey premium commercial tower now spans about 250,000 sq ft across three contiguous floors, along with exclusive parking rights. The deal also transfers Jet Airways’ seat on the building’s management board to Brookfield, giving it a greater say in operational and strategic matters concerning the property.