Realtors’ consortium buys Kolkata housing project developer Keppel Magus for $15M

BMS Realty Pvt Ltd, a joint venture of Kolkata-based real estate companies Sureka Group, Merlin Group and JB Group, has acquired Keppel Magus Development Pvt Ltd, which is developing a housing project Elita Garden Vista in New Town, Kolkata at an enterprise value of Rs 150 crore with an equity value of around 90 crore ($15 million).

Elita Garden Vista is a premium residential project spread across 25 acres in New Town Rajarhat on the outskirts of Kolkata. It offers 2 & 3 BHK apartments and first phase of it has been completed. The new owners of the project plan to complete the remaining two phases of the project.

Keppel Magus had bought the land parcel from a government corporation for Rs 71 crore in 2003. The first phase of the project was to be completed in 2007 but it got delayed and was completed last year.

Puravankara held 36.26 per cent in the tri party joint venture and gets Rs 32.2 crore as part of the stake sale.

The other two shareholders of Keppel Magus include Singapore-based Keppel Land and RSJ Developers, a part of Jatias of Asian Hotels (North).

Khaitan & Co was the legal advisor for the seller side and Fox and Mandal was the advisor for the buyers.

The buyers include three realtors—Sureka, which is present across residential and commercial verticals in Kolkata; Merlin, which has presence in Raipur, Chennai, Pune, Kolkata and Ahmedabad markets besides JB Group, which has interests in real estate, agriculture, power and retail sectors.

(Edited by Joby Puthuparampil Johnson)

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