Jet Airways’ BKC Office Sparks Bidding War: Bank of Baroda on Top, Brookfield Waiting in the Wings

Jet Airways’ prime office space in Mumbai’s Bandra-Kurla Complex (BKC) has found a top bidder: Bank of Baroda. The state-run lender put in the highest offer at Rs 370 crore for the 83,000 sq ft second-floor office in the Godrej BKC tower, beating out other contenders in an auction held under the Insolvency and Bankruptcy Code. The reserve price had been set at Rs 335.24 crore, so the final bid came in well above that mark.

 

But the story isn’t over yet. Brookfield Asset Management, which already owns two other floors in the same building, holds a right of first refusal (ROFR) on the property. That means Brookfield now has a 15-day window to match Bank of Baroda’s offer if it wants to add this floor to its portfolio. Brookfield’s previous purchase in 2020 included about 180,000 sq ft and 138 parking spaces, and those floors are currently leased to big names like the World Bank and PayPal.

 

The office up for auction had been sealed by the city’s municipal corporation over unpaid dues, but a recent tribunal order cleared the way for the sale. The asset is being sold “as is where is,” so the winning bidder will also take on all taxes, dues, and transfer charges.

 

This auction is a key moment in Jet Airways’ ongoing liquidation, as the airline’s assets are being sold off to repay creditors after its collapse in 2019. The next twist to watch: Will Brookfield step in and match the top bid?

 

Sources: Economic Times, Times Now, Moneycontrol