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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Office | LSE:REAL | London | Ordinary Share | GB00B23FXY03 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMREAL RNS Number : 6929G Real Office Group PLC 04 February 2010 Real Office Group ("ROG" or the "Company") Real Office Group strategic partnership in India AIM-listed Real Office Group PLC (ROG), a company led by property entrepreneur Roger Smee with a strategy to acquire and manage commercial design and fit-out businesses has bolstered its global footprint strategy by joining forces on its Indian operation with renowned Delhi-based property developer and businessman Paul Dass and his company Mayaland Developers. Paul Dass has subscribed for 49% of the equity in the ROG subsidiary, Pacific Interiors India Private Ltd (Pacific India) and will become Chairman and Managing Director. As noted in the Company's recent trading statement, Pacific India has begun to move into profitability and Mr Daas has been part of the team driving this business forward. Mr Dass has committed his own resources and those of Mayaland to develop Pacific India to date. Paul founded the successful Mayaland Developers and has over 30 years experience in commercial property development and construction. He runs a significant property portfolio in India. Paul will be using local teams and an international network to amplify Pacific India's growth and ultimately look to add new locations to the company's existing offices in Bangalore and New Delhi. Pacific India recently completed large-scale design and fit-out projects for recruiters Hays in Mumbai and for multi-brand skincare manufacturers Urban Shore in Delhi. Pacific India has identified increasing demand from international corporates based in India who want the same level of reliability, quality and high-end design they can achieve in Western markets. Office rents across the major cities in India have dropped over the past year and companies are looking to take advantage of this reduction by reorganising their office space to expand or consolidate accordingly. The deal with Paul Dass boosts ROG's expanding international platform and is an important step towards building a 'one stop shop' for their global clients' design and build needs. Mike Linforth, who heads up Pacific in the UK, comments: "We have seen a huge demand for our services from large international businesses with either an existing base in India, or are looking for new office space there. They are looking for reliability, delivery on time and a high-quality sophisticated office specification." "We are delighted to have joined forces with Paul Dass, who has an established professional network and an extensive knowledge of the market we are expanding into. With his direction we plan to rapidly build up a powerful market presence by targeting the untapped end of the market where occupier needs are often not met by the larger property players and architects." Paul Dass adds: "This is an exciting move. I have been very impressed by the management and solid reputation Pacific has built up in the market over the past 25 years. They are clearly a major business with a global vision. Together we are bringing a new concept to the Indian market with the Pacific 'one-stop' design and build offering." "I look forward to matching my regional knowledge and contacts with their solid business vision - and to working closely with the Pacific team and existing client base in London." Roger Smee, Chairman and Chief Executive Officer of ROG, says: "India fits perfectly with our immediate strategic expansion plans to move into countries where significant GDP growth remains. Our deal with Paul Dass represents the next step on Real Office Group's path to creating a truly global group of fit-out companies, where we can offer framework agreements to major clients, on a global basis. I hope to be able to announce further beneficial strategic partnerships and acquisitions in the near future." Financial advisers to Mayaland were Sandeep Dinodia of S.R. Dinodia and Partners in Delhi together with legal advisers Toby Greenbury and Christopher Jones of solicitors Mishcon de Reya in London. Enquiries Real Office Group plc Roger Smee, Chairman Philip Brady, Finance Director 0202 7822 0989 Cenkos, Nominated Advisor to the Company Nick Wells/Elizabeth Bowman 0207 397 8900 Smithfield Reg Hoare 020 7360 4900 This information is provided by RNS The company news service from the London Stock Exchange END MSCLLFFFFIISIII
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