Change of Adviser (6203O)
September 21 2011 - 2:00AM
UK Regulatory
TIDMWPR
RNS Number : 6203O
West Pioneer Properties Limited
21 September 2011
Press Release 21 September 2011
West Pioneer Properties Limited
("West Pioneer" or "the Company")
Change of Adviser
West Pioneer Properties Limited (AIM:WPR), a leading developer
and operator of shopping malls in west and southern India, is
pleased to announce the appointment of Religare Capital Markets plc
as Joint Broker to the Company, with immediate effect.
-Ends-
For further information:
Evolution Securities Limited, NOMAD
and Joint Broker
Jeremy Ellis / Chris Clarke Tel: +44 (0) 20 7071
4300
Religare Capital Markets plc, Joint
Broker
Rick Thompson, Managing Director Tel: +44 (0) 20 7444
- Head of London Listings Business, 0539
Investment Banking
Tim Davis, Director, Corporate Finance
Daniel Briggs, Director, Corporate
Broking
Media enquiries:
Abchurch Communications
Sarah Hollins / Mark Dixon / Oliver Tel: +44 (0) 20 7398
Baxendale 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.
Development of the Nashik site is progressing according to plan
and the 300,000 sq. ft. mall has been met with a good response from
potential tenants. The Company is expecting to commence
construction during the first half of its financial year ending 31
March 2012. Prospective anchor tenants for the mall have been
identified and several memoranda of understanding have been signed
with major international brands. There are also plans for a 200
room 3/4 star hotel to be managed by the InterContinental Hotels
Group.
Development of Aurangabad will follow development of the Nashik
site. The plans include 300,000 sq ft of retail space, commercial
units and a hotel with an overall development envisaged similar to
that of Kalyan. A management agreement with IHG remains in place
for the development of a Holiday Inn hotel.
Further information on West Pioneer Properties can be found at
www.west-pioneer.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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