mumbai brookfield asset management has emerged as the frontrunner to acquire ilfs groups iconic 45lakh sqft headquarters in mumbais bandra kurla complex while a few others including private equity firms and real estate companies had shown interest none of them has matched the bid by brookfieldilfs board has put the groups corporate headquarters on the block as part of the resolution process to address rs 99000 crore of debt constructed in 2005 the 11storey building was one of the earliest to come up in the business district the ilfs board has been seeking to realise rs 1000 crore from the sale of the property however sources said that brookfields bid is a bit lower while the target price is in line with the current value of office premises in the district the private equity firm has said that the property is nearly 17yearold and would require additional investment for modernisation and repairs also ilfs has said that it will continue to occupy a few floors for the time being as a tenant when contacted ilfs declined to comment on the transactionthe canadian alternate investment company made headlines last year with its 2billion real estate deal to acquire 12 crore sqft of office space from rmz corp the company subsequently raised rs 3800 crore through its real estate investment trustlast year yes bank had acquired the 695lakh sqft erstwhile headquarters of anil ambanis reliance group for rs 1200 crore however no money changed hands as the purchase was adjusted against a loan due from the group companyearlier another private equity company blackstone and godrej properties had shown interest in the office property while ilfs building is only 11 storeys subsequent real estate developments in the bkcs gblock have many more floors as a relaxation in development norms have allowed higher floor space index for offices using itfollowing the default crisis at ilfs the government constituted a new board in october 2018 led by veteran banker uday kotak to unwind the liabilities in september 2021 the government through a notification extended the term of the board until april 2 2022