MANOJa

Real estate developer BPTP is buying back Merrill Lynch's 49% stake in its Crest office building in Gurgaon for Rs 180 crore. The developer has its corporate office in the same building.

Merrill Lynch had invested Rs 100 crore in the project in 2007 at the peak of the real estate cycle in India. Now, Merrill Lynch's Asian real estate assets, including those in India, are managed by Blackstone.

BPTP recently raised Rs 270 crore through lease rent discounting of the 625,000-sq-ft office building in Gurgaon that has tenants such as Deloitte, Fidelity as well BPTP itself, a person close to the development said on condition of anonymity. The company is using a part of this money to buy back the stake from Merrill.

The asset is valued at Rs 530 crore, including a debt of Rs 170 crore. Net of debt, the value of the asset is Rs 360 crore. The source said BPTP has used the money raised to repay this debt.



BPTP buys out Merrill Lynch's 49% stake in Gurgaon project for 180 crore - The Economic Times