Citi group’s realty arm, Citi Property Investors (CPI), has bought 40% stake in each of the four Special Economic Zones (SEZs) of Delhi-based real estate group BPTP for $160 million (approx Rs 640 cr). The fund raised will be used to pay the first instalment of Rs 5,006-crore Noida land deal which BPTP bagged recently, a BPTP official said. CPI, which manages approximately $13.0 billion in gross real estate assets globally, had last year taken an equity stake of 5.89% in BPTP by investing Rs 322.5 crore. Besides Citi, Merrill Lynch’s real estate arm also invested in the BPTP group last year. Merrill bought 49% stake in an SPV developing 4.5-acre IT park on the Gurgaon Expressway for Rs 112.55 crore. […]