Brookfield acquires Jet Airways' office property in Mumbai through insolvency process
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In a key development under Jet Airways ' ongoing insolvency proceedings, global alternative investment major Brookfield Asset Management has acquired an additional office floor in commercial tower Godrej BKC in Mumbai's business district Bandra-Kurla Complex for Rs 370.25 crore, said persons with direct knowledge of the development.The sale was conducted under the Insolvency and Bankruptcy Code (IBC) and overseen by the National Company Law Tribunal (NCLT). 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.The transaction underscores the attractiveness of prime BKC office space despite the asset being sold on an 'as is where is' basis. The floor, earlier sealed by the Municipal Corporation of Greater Mumbai over unpaid dues, was de-sealed in April following an NCLT directive. Industry sources said several end-user occupiers had shown interest during the bidding process and are expected to engage to lease the space.Rental rates in BKC have risen sharply by around 30% in the past three to four years driven by limited new supply and sustained demand from multinational corporations and financial institutions.At Godrej BKC, rents currently range between Rs 650 and Rs 700 per sq ft a meeting month on a carpet area basis, placing it among Mumbai's most expensive office locations.Brookfield is not new to the property. In 2020, as part of the same insolvency proceedings, it had acquired two floors in the building for Rs 490 crore. Those floors are fully leased to marquee tenants including the World Bank and PayPal, ensuring steady rental income.ET's email query to Jet's liquidator Satish Kumar Gupta remained unanswered, while Brookfield declined to comment.The latest acquisition is part of Brookfield's wider strategy to expand its premium commercial real estate portfolio in Mumbai. Recently, it secured plot C-80 in BKC, a prime two-acre site with development potential of over 3.6 lakh sq ft, further strengthening its presence in the city's financial hub.Godrej BKC, developed jointly by Godrej Properties and Jet Airways, has been a sought-after business address since its completion in 2011. The building's location, design quality, and tenant profile have kept it at the forefront of Mumbai's Grade-A office market, making Brookfield's expanded ownership a strategic long-term bet on the city's commercial growth.
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