BPTP, a Delhi-based property developer, is in talks with US-based investor Tishman Speyer to sell its upcoming information technology park in Gurgaon for around Rs 425 crore, said a person close to the deliberations.
BPTP holds 51 per cent stake in the project, while Merrill Lynch holds the remaining part. Merrill bought 49 per cent in the project in 2007 for Rs 112 crore, valuing the project for around Rs 228 crore. With the exit, BPTP and Merrill are expected to make 86 per cent gains from their investments.
BPTP had filed for its Rs 1,500-crore initial public issue with the markets’ regulator, Sebi. However, it held back due to volatility in the markets. BPTP had shot to fame earlier with its Rs 5,000 crore land deal in Noida: it had to surrender a major portion due to slowdown in property concerns and liquidity issues. Tishman Speyer earlier had a joint venture with ICICI Venture. It later bought the latter’s stake.