Replacement - Acquisition of Land at Kalyan (4098A)
March 29 2012 - 1:15PM
UK Regulatory
TIDMWPR
RNS Number : 4098A
West Pioneer Properties Limited
29 March 2012
The following amendment has been made to the 'Acquisition of
Land at Kalyan' announcement released on 29 March 2012 at 16:42
under RNS No 3975A.
The figure for amount of land acquired should read 35,035 square
feet and not 35,035,45 square feet as previously reported.
All other details remain unchanged.
The full amended text is shown below.
Press Release 29 March 2012
West Pioneer Properties Limited
("West Pioneer" or the "Company")
Acquisition of Land at Kalyan
West Pioneer Properties Limited (AIM:WPR), a leading developer
and operator of shopping malls and mixed use developments in west
and south India, announces the acquisition of 35,035 square feet of
land adjacent to the Company's existing mixed use development at
Kalyan. The land has been acquired from Hardcastle and Waud
Manufacturing Company Limited, a company in which the family of the
Chairman of West Pioneer Mr Amit Jatia, owns a majority
interest.
As part of the transaction West Pioneer has also acquired the
freehold rights to the entire and enlarged land parcel which had
until now been held under a renewable 99 year lease.
The total consideration payable will be 190 million Rupees
(US$3.7 million) in cash, payments will be spread over a period of
18 months and payable out of existing cash balances. The land will
be used in order to expand the Company's existing 1.1 million
square feet retail, residential and commercial space at the Kalyan
site.
The independent directors of West Pioneer, namely Nitin Dattani,
Chris Hough, Hugh Sandeman and Ajay Gupta consider, having
consulted with the Company's nominated adviser, Evolution
Securities Ltd, that the terms of the acquisition are fair and
reasonable insofar as the Company's shareholders are concerned.
Commenting on the acquisition, Chief Executive Ajay Gupta said:
"This additional land will enable the Company to significantly
enhance the value of our existing highly successful development at
Kalyan. It is also excellent that West Pioneer has acquired the
freehold rights to the entire land parcel as this will greatly
simplify the process of transferring ownership and title of the
residential apartments currently under construction."
-Ends-
For further information:
Evolution Securities Limited
Jeremy Ellis Tel: +44 (0) 20 7071
4300
Media enquiries:
Abchurch Communications
Mark Dixon / Oliver Baxendale Tel: +44 (0) 20 7398
7729
mark.dixon@abchurch-group.com www.abchurch-group.com
Notes to Editors
West Pioneer Properties Limited (AIM:WPR) is a leading developer
and operator of retail-led, mixed use developments in west and
southern India, primarily in Tier II cities. West Pioneer was
established to capitalise on the virtually unpenetrated organised
retail environment in India, the rapidly increasing middle class,
greater transparency in the property market, and improved
infrastructure development which provides access to the market.
The retail side to West Pioneer acquires the land and then
develops, leases and manages the shopping malls. The residential
development segment develops and sells residential property. West
Pioneer currently has three developments in Kalyan, Aurangabad and
Nashik.
West Pioneer's first shopping mall, The Metro Centre, in Kalyan,
30 miles north-east of Mumbai is fully operational. Leasing at the
mall stands at approximately 74 per cent, and the mall is
operationally profitable and generating surplus cash. The
residential development at Kalyan currently consists of two towers,
which are under construction. Each tower consists of 178 apartments
and as of 31 January 2011, a total of 267 apartments have been
sold. The Company is nearing completion on the design of Metro
Plaza, the commercial office space development at Kalyan.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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