JP Morgan picks up 3% stake in BPTP for Rs 250 cr

New Delhi, Jul 12 (UNI) Global financial services company JP Morgan Chase has brought three per cent equity stake in the closely-held property developer BPTP for Rs 250 crore.

According to sources, the deal values the real estate developer at Rs 8,333 crore.

Last year, Citi Group realty arm CPI had picked up an equity stake of 5.89 per cent for Rs 322.50 crore last year. CPI invested another 150 million dollars in the four SEZ's being developed by BPTP, besides Merill Lynch, which invested Rs 112.5 crore in an IT Park being developed by a subsidiary of BPTP.

BPTP made news this year when it bagged a Rs 5,006-crore land deal in Noida, outbidding DLF, Omaxe and Ansal Housing and Construction.

BPTP promoters now hold about 91.1 per cent in the company.

JP Morgan and BPTP were not available to comment on the developments.

Last month, it paid Rs 1,000 crore to the Noida authorities towards first instalment for its ambitious 95-acre project.

At Noida, BPTP would develop 14 million sq ft, of which four million sq ft will be retail space, including four hotels with serviced apartments.

The total cost of construction for the project would be about Rs 4,500 crore with Phase I to be completed in three years.

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