Citi Property to invest $160 mn

New Delhi: Citi Property Investors (CPI), the real estate investment arm of the Citigroup, is learnt to be investing about $160 million in four SEZ projects of real estate firm BPTP Group.

The move comes within weeks of the BPTP Group clinching 95 acres of prime commercial land at Noida for Rs 5,006 crore, scripting the largest land deal in the country.

According to sources, the four SEZs are located at Noida, Greater Noida, Faridabad and Gurgaon.

“The development will entail six million square feet of area, across the four projects in the first phase. The overall, saleable area would be 20 million square feet,” sources pointed out.

CPI has already invested $80 million in BPTP and holds 5.89 per cent stake in the company.

“Through the latest investment, the company would acquire 40 per cent stake in the SEZ projects through the SPV route,” sources pointed out.

The company’s SEZ in Noida is spread over 25 acres, the Greater Noida SEZ at 100 acres, Faridabad SEZ at 54 acres, and Gurgaon SEZ at 27 acres.

Last month, BPTP outbid well-known developers like DLF and Omaxe to clinch land along the Noida and Greater Noida expressway, where it plans to build a commercial destination that would have offices, hotel and retail space. BPTP quoted Rs 1.30 lakh/sq.m against the reserve price of Rs 77,000/sq.m.