IL&FS Financial Centre, a landmark of Mumbai’s Bandra Kurla Complex (BKC), is up for sale. The beleaguered finance company has been forced to sell most of its prized possessions to clear its debts and IFC is one of such assets. The building is designed by none other than India’s leading architect, Hafeez Contractor. The IL&FS Board has engaged CBRE South Asia Private Limited to assist in the proposed transaction.
Completed in 2000, the building is one of the earliest major constructions based on Green principles like natural ventilation and lighting. The building houses companies like Carlyle Group, PayPal, IDFC, IBM, Avendus Capital and IL&FS. Out of 3.22 lakh sq ft built up area, 21,500 sq ft has already been sold to HDFC. IL&FS and its group companies presently use 27% of the remaining area. IFC has been built on 80 year leasehold land acquired from MMRDA in 1994.
Constructed by Shapoorji Pallonji & L&T, the building sits on a land admeasuring 12,550 sq m, and has a basement + stilt + 10 upper floors configuration. The building has common amenities like liquor lounge, gymnasium (along with a yoga room & steam bath), cafeteria, training room with facility (capacity 75+ pax), library, Opti – Golf, tea/ coffee lounge, smoking area and atrium and sitting area. Further, the building has space to park 435 vehicles.
IL&FS has invited EOI from the potential buyers of the assets and proposed transaction will be undertaken through a publicly solicited competitive price discovery process with the shortlisted applicants as the bidders.