JP Morgan invests Rs 2,500-mn in BPTP

New Delhi: JP Morgan Chase has invested Rs 250 crore in BPTP Ltd, a Delhi-based real estate company which came into spotlight earlier this year when it clinched 95-acre of prime commercial land at Noida for Rs 5,006 crore.

Last year, Citigroup realty arm, Citigroup Property Investors, had picked up 5.8 per cent stake for Rs 322.5 crore in the company. Merrill Lynch’s real estate arm had also pumped in Rs 112.5 crore in a joint venture project of the company.

While company sources confirmed the latest round of investment, JP Morgan Chase could not be reached for comments.

In June 2008 three months after emerging as the successful bidder in the Noida land transaction – BPTP made part-payment (Rs 1,000 crore) to the Noida Authority towards the first instalment for the deal. Company sources said that with the latest move, BPTP has now made the balance payment towards the first instalment.

Earlier this year, the BPTP Group bagged the land at Noida after it outbid DLF, Omaxe, and Ansal Properties and Infrastructure Ltd. The company 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.