Provogue Sells 27 Percent Stake In Realty Unit To Fund

Apparel retailer Provogue India Ltd said on Tuesday it has sold 27 percent stake in a unit of real estate arm Prozone Enterprises Pvt Ltd for 4.57 billion rupees.
The stake has been acquired by Triangle India Real Estate Fund, promoted by Old Mutual Investment and ICS Realty.


Chief Financial Officer J.K. Jain said that the funds raised would be used in the completion of four real estate development projects it has coming up in the cities of Aurangabad, Indore, Nagpur and Jaipur covering 16 million square feet. Further he added that there are also some more projects in the pipeline and further funds could be raised if required.

The projects involve setting up shopping centres, hotels and entertainment zones.
Prozone Enterprise is a joint venture between Provogue and Liberty International Plc. It has set up six international and domestic special purpose vehicles for carrying out various business activities in real estate.
Shares in Provogue were trading up 2.12% at 1,125 rupees in a firm Mumbai market.

2 Comments

  1. Posted April 4, 2008 at 4:50 am | Permalink

    Triangle Real Estate India Fund, co-promoted by ICS Group and Old Mutual Investment Group Property Investments (OMIGPI), has signed a deal to invest Rs 457 crore ($114 million) for a 27 percent stake in a step-down subsidiary of Prozone Enterprises. This subsidiary owns stake in four of its projects being developed in Aurangabad, Indore, Nagpur and Jaipur, covering approximately 16 million square feet under development.

  2. Posted April 9, 2008 at 3:21 am | Permalink

    Triangle Real Estate India Fund, co-promoted by ICS Group and Old Mutual Investment Group Property Investments (OMIGPI), has inked an agreement to invest Rs 457 crore for a 27% stake in a Prozone Enterprises subsidiary. The firm has stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur, covering approximately 16 million sq ft.

    Prozone Enterprises is a JV between retail major, Provogue (India) and Liberty International Plc which is a UK FTSE 100 listed property company with assets of over GBP 10.8 billion. Regional shopping centres account for over 85% of its portfolio. It owns 9 of the top 21 regional mixed use centres in the UK and is amongst the 20 largest REITs in the world. Prozone-Liberty is a specialist retail infrastructure company investing in design, development and management of large scale retail centric mixed use developments with a long term ownership plan.

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