Merril Lynch in North India..

Merrill Lynch, one of the world’s leading financial management and advisory companies, places big bet on Indian property market. The real estate arm of the firm has decided to take its first step in North India.

The foray of Merrill Lynch in India will again give a push to foreign direct investments (FDI) in Indian real estate. The investment arm of the firm, India Global Commercial Real Estate – has made its first investment in North India. It has picked up an equity stake in Delhi based construction company, Business Park Town Planners’ Limited (BPTP) IT Park in Gurgaon for a whopping Rs 218 crore.

Neither of them wants to reveal anything related to their JV. However, the investment is a mix of plain and preference equity. The firm will fund the development of IT Park which is scheduled to come up on the Gurgaon Expressway on five acres of land. The deal has been marketed by Jones Lang LaSalle.