Business
Acquisition in India
Acquisition in India.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n19 June 2007\n\n19th June 2007\n\n\n PLAZA CENTERS ANNOUNCES FURTHER TRANSACTION IN INDIA\n\nPlaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets\nproperty developer, today announces that, in a 50%:50% joint venture with a\nleading Indian property developer, it has acquired a plot of land with an area\nof approximately 10.78 acres (approximately 43,600 sq m), situated in\nTrivandrum, the capital city of the State of Kerala, India.\n\nThe total cost of the land (including acquisition costs) amounted to\napproximately 1,060 million Rupees (approximately £13.4 million).\n\nPlaza and its partner intend to use the plot to develop a project totalling\napproximately 2.1 million sq ft (195,000 sq m), which is currently intended to\ncomprise:\n\n • A shopping and entertainment centre with a total area of approximately\n 720,000 sq ft (approximately 67,000 sq m);\n • An office complex with a total area approximately 970,000 sq ft\n (approximately 90,500 sq m);\n • A hotel and apartment hotel with a total area of approximately 400,000\n sq ft (approximately 37,500 sq m).\n\nThis acquisition follows the announcement on 26 February 2007 that Plaza had\nacquired stakes in two joint venture projects in India through two wholly owned\nsubsidiaries. The first was a fourteen acre plot of land in the Kharadi\ndistrict of Pune, Maharashtra State, India, on which Plaza and its JV partner\nintends to build a project totalling 2.4 million sq ft (225,000 sq m) which will\ninclude a shopping centre, office complex and serviced apartment facility. The\nsecond was a six acre plot of land located in Koregaon Park, an up-market area\nof Pune, on which the joint venture plans to construct a mixed-use scheme with a\ntotal area of 1,180,000 sq ft (approximately 107,000 sq m) comprising a shopping\ncentre and office building. The total investment in these two projects is\nanticipated to be circa $265 million (approximately £136.2 million).\n\n\n\nCommenting, Ran Shtarkman, the CEO of Plaza Centers, said:\n\n'This transaction further demonstrates Plaza's ambition to expand its activities\nbeyond Central and Eastern Europe. Coupled with the acquisition of our first\nstrategic development projects in India, which was announced earlier this year\nin February, today's announcement marks a significant step in advanc...