Qatar, RMZ to buy BPTP's Gurgaon IT park for Rs 800 crore

BANGALORE: Southern developer RMZ Corp, backed by Qatar Investment Authority (QIA), is close to buying an IT park owned by BPTP for Rs 800 crore, people directly involved with the matter said.

The Bangalore-based RMZ is acquiring the 650,000-sq-ft IT park in Phase IV, Gurgaon, built on 4.5 acres and located close to the international airport. The tenant list includes Deloitte and Fidelity, besides offices of BPTP, a developer largely focused on the national capital region (NCR).

This is the latest in a series of large office space buyouts by marquee global investors who want to create a portfolio of rent-yielding commercial assets in India. And the deal action is shifting to NCR, which boasts of a large technology workforce, after Bangalore and Pune.

RMZ corporate vice-chairman Manoj Menda and BPTP chairman and MD Kabul Chawla could not be reached for immediate comments, despite repeated calls and text messages.

"We expect more such transactions to happen as private equity funds and developers look at building their asset base before going for a REIT listing," said Rajeev Bairathi, executive director (north) and head Capital Transaction Group, Knight Frank.