Directorate Change (6948H)

TIDMWPR

RNS Number : 6948H

West Pioneer Properties Limited

01 June 2011

 
 Press Release   1 June 2011 
 

West Pioneer Properties Limited

("West Pioneer" or "the Company")

Directorate Change

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 as of today, Jayant Sohonie, Non-Executive Director of the Company, has stepped down from the Board due to retirement.

The Board expresses its gratitude to Mr. Sohonie for his long service to the Company and wishes him well in the future.

West Pioneer confirms that a search for a suitable replacement is underway and an announcement regarding this will be made in due course.

-Ends-

For further information:

 
 Evolution Securities Limited 
 Jeremy Ellis / Chris Clarke    Tel: [phone] 
                                                4300 
 

Media enquiries:

 
 Abchurch Communications 
 Sarah Hollins / Mark Dixon / Claire     Tel: [phone] 
  Dickinson                                              7729 
 [e-mail]         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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