RMZ Corp is one of the largest real estate developers in India with over 20 million square feet of prime real estate developments built since its inception in 2002. RMZ’s expertise in development of Commercial Office spaces has propelled us to expand our horizon and embark on developing state of the art Residential, Retail and Hospitality spaces.

Latest News & Events

JPMorgan, March 25, 2016.

BPTP sells Gurgaon IT park for Rs. 850 cr; to buy out Citi, JP Morgan stake @rmz_corp @businessline

Real estate company BPTP Ltd on Tuesday said it had sold ‘BPTP Crest’ – its IT park in Gurgaon – to Bengaluru-based real-estate company RMZ Corp for INR 850 crore. With this sale, BPTP will also give complete exit to the Blackstone Group (which had invested in the IT park in 2007), the company said.
Proceeds from the sale will be used to buy out Citi Property Investors’ (CPI) 5.67 per cent stake in the company (for INR 333 crore) and JP Morgan’s 6.21 per cent stake (for INR 360 crore), the company said.
“CPI is being paid INR 155 crore right now and the balance will be paid over the coming year. JP Morgan is being paid INR 300 crore right now and the balance of INR 60 crore over the coming year,” a source close to the development told BusinessLine.
In August 2007, CPI India Ltd (a Citigroup fund now managed by Apollo Management) had invested INR 322 crore in BPTP for a 5.67 per cent equity stake in the company. In July 2008, Harbour Victoria Investment Holdings Ltd (a subsidiary of JP Morgan Chase group of companies) bought 2.15 per cent stake in BPTP for INR 215 crore. JP Morgan further purchased shares worth INR 26 crore in December 2009 to raise its equity stake to 6.21 per cent.
In December 2009, BPTP filed for its draft red herring prospectus and secured approval from the Securities and Exchange Board of India in May 2010. The IPO was one of the routes of exits for CPI and JP Morgan but could not be completed due to poor market conditions.
After this, CPI and JP Morgan had initiated arbitration proceedings against the company and the promoters.
“We are happy to inform you that all parties have finally arrived at a settlement. Post providing exit to three of our investors we are now fully focused on completing all our projects at the earliest by raising construction loans through banks/financial institutions. We also plan to sell some of our non-core assets to raise funds for meeting our business requirements,” a company statement said.

Scroll totop

This website is best viewed in portrait mode.