new delhi citi groups realty arm citi property investors cpi has bought 40 stake in each of the four special economic zones sezs of delhibased real estate group bptp for 160 million approx rs 640 cr the fund raised will be used to pay the first instalment of rs 5006crore noida land deal which bptp bagged recently a bptp official saidcpi which manages approximately 130 billion in gross real estate assets globally had last year taken an equity stake of 589 in bptp by investing rs 3225 crore besides citi merrill lynchs real estate arm also invested in the bptp group last year merrill bought 49 stake in an spv developing 45acre it park on the gurgaon expressway for rs 11255 crorealmost a month ago the consortium comprising bptp and its three subsidiaries won the bid for 95acre plot in noidas sector 94 which saw participation from real estate giants such as dlf omaxe and ansal api the company is expected to make a staggered payment with only 25 of the total amount to be paid by april 12 the company has to pay the rest in sixteen instalments over eight years alongwith an interest of 11 compounded annually on the due amount given the state of internal accruals bptp estimates its revenue for 200708 at rs 1200 crore and net profit at rs 400 crore it could have been impossible for the real estate firm to make the first instalment of payment without the injection of fresh funds from outsidebptp is developing four itites sezs in the national capital region the sez at noida is spread over 25 acres while that of greater noida covers 100 acres faridabad sez would come up in 54 acres whereas the company would develop the gurgaon sez in 27 acres the company is also planning to launch ipo sometime this year it had announced last year its plan to raise rs 1500 crore from public issue in january this year but the plan has been delayed due to volatility in the capital market