Delhi-based real estate firm Business Park Town Planners’ Limited (BPTP), which came into limelight by bagging country’s largest land deal in Noida, has sold 4 per cent stake to J P Morgan Chase for Rs 250 crore. The investment would be made through preferential equity route and funds would be used to pay the first instalment for the Rs 5,006 crore Noida deal, reports The Economic Times.
Last year Citigroup Property Investors, the real estate unit of Citigroup, had picked up 5.89 per cent stake for Rs 322.5 crore in a deal that valued the company at Rs 5,466 crore. With the present deal, value of the company has gone up to Rs 6,250 crore due to land acquisitions and launch of new projects. Citigroup Property Investors has also acquired a 40-per cent stake in each of the four special economic zones (SEZ) being developed by BPTP for Rs 640 crore.
Merrill Lynch had also picked up stake in BPTP’s IT Park in Gurgaon for Rs 112 crore.
The company recently paid the first instalment of Rs 1,296 crore for the Noida land purchase, which got delayed and the company had to add interest of 14 per cent to payment of Rs 1,250 crore.
BPTP had outbid real estate giants like DLF, Omaxe and Ansal API. It had acquired 95-acre commercial plot in Noida Sector 94 at a price of Rs 1.3 lakh per square meter. The company has started development of its project in Noida, cost of which is estimated to cost around Rs 4500 crore. The company plans to come up with 14 million sq ft of construction area, with retail space, four hotels and serviced apartments.