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West Pioneer Props (WPR)

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Monday 26 September, 2011

West Pioneer Props

Notice of AGM

RNS Number : 9471O
West Pioneer Properties Limited
26 September 2011
 



 

 

Press Release

     26 September 2011

 

West Pioneer Properties Limited

 

("the Company")

 

Annual Report and Accounts and Notice of AGM

 

West Pioneer Properties Limited (AIM:WPR), a leading developer and operator of shopping centres and mixed use developments in west and south India, announces that the Annual General Meeting of the Company will be held on 9 December 2011 at 3 p.m. at the offices of Evolution Securities Limited, 100 Wood Street, London EC2V 7AN.

 

The notice of AGM and the annual report and accounts for the year ended 31 March 2011 have been posted to shareholders. Electronic copies of these documents are available on the Company's website at www.west-pioneer.com.

 

 

-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


Tim Davis, Director, Corporate Finance

Tel: +44 (0) 20 7444 0539

 

Media enquiries:

Abchurch Communications


Sarah Hollins / Mark Dixon / Oliver Baxendale

Tel: +44 (0) 20 7398 7729

[email protected]

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
 
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