Leasing agreement and Trading Update (8291A)
08 Febrero 2011 - 1:00AM
UK Regulatory
TIDMWPR
RNS Number : 8291A
West Pioneer Properties Limited
08 February 2011
Press release 8 February 2011
West Pioneer Properties Limited
("West Pioneer" or "the Company")
Kalyan Metro Junction Mall leasing agreement
and Trading Update
West Pioneer Properties Limited (AIM:WPR), a leading developer
and operator of shopping centres and mixed use developments in west
and south India, is delighted to announce that one of India's
leading department store operators has entered into an agreement to
lease 43,750 sq. ft. of retail space at the Company's Metro
Junction Mall in Kalyan. As a result, leasing at the mall has now
increased to 74 per cent. and the Company expects the majority of
the remaining space to be leased over the next six months. The
store is a premium lifestyle brand; helping diversify the tenant
mix and improving choice for the mall's consumers.
West Pioneer is also pleased to provide the following update on
current trading following its interim results announcement on 21
December 2010. At the Metro Junction Mall in Kalyan, footfall
numbers continue to increase year on year with the average monthly
number of visitors reaching approximately 700,000 as at the end of
January 2011, up from approximately 520,000 at the same point last
year.
At the Company's residential development in Kalyan, construction
of the first two towers is progressing well. The first two towers
will comprise 356 apartments of which some 267 or 75% have now been
pre-sold. Prices achieved on recent sales were approximately 43 per
cent. higher than the initial launch price. The residential
development at Kalyan will ultimately be in excess of 500,000 sq.
ft.
West Pioneer intends to commence construction of a new mall at
its site in Nashik during the first half of its financial year
ending 31 March 2012. The mall will comprise 300,000 sq. ft. of
retail and entertainment space. The Company has recently commenced
marketing to a number of major retailers and has already entered
into memoranda of understanding with several leading international
brands with a view to leasing space at the mall.
The site is at a prime location within Nashik, with Company
research showing that there are more than 900,000 people living
within a twenty minute drive of the site.
Ajay Gupta, Chief Executive Officer of West Pioneer commented:
"We are delighted that one of India's leading department store
operators has chosen West Pioneer's Metro Junction Mall as its
outlet location of choice and we look forward to securing further
leases at the mall of a similar calibre. The Company is encouraged
by the strong progress made across some of our key projects and we
remain confident in our ability to deliver value to shareholders
from retail, hospitality, residential and commercial
development."
-Ends-
For further information:
Evolution Securities
Jeremy Ellis / Chris Clarke Tel: +44 (0) 20 7071
4300
Media enquiries:
Abchurch Communications
Sarah Hollins / Mark Dixon / Claire Tel: +44 (0) 20 7398
Dickinson 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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