Prozone sells 27% to Realty Fund

MUMBAI: City based real estate developer Prozone Enterprises has sold a 27% stake in its subsidiary to Triangle Real Estate India Fund for a total consideration of Rs 457 crore. The subsidiary holds stake in four projects that are being developed in Aurangabad, Indore, Nagpur and Jaipur covering approximately 16 million sq.ft.

Prozone Enterprises, is a joint venture between apparel maker Provogue (India) and UK-based Liberty International. Prozone’s arm is developing commercial complexes which would include retail, entertainment, food courts, cafes, restaurants, fine dining, hotels and convention centres.

There have been concerns that the high real estate prices in the country is a bubble. Yet, this deal highlights that investments from foreign companies including real estate funds are continuing unabated. Triangle Real Estate India Fund is co-promoted by ICS group and Old Mutual Investment Group Property Investments, the property division of Old Mutual. In India, Old Mutual is well known as Kotak Mahindra’s partner in the insurance business.

ICS, on the other hand, offers a range of property services together with architectural design services, mall management services and car park management.


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    Posted April 2, 2008 at 3:13 pm | Permalink

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  2. Posted April 9, 2008 at 3:31 am | Permalink

    Liberty International is a UK-based property company with property investments of over 7.5 billion pounds of which regional shopping centres amount to 85 per cent. The group owns nine of the top 25 malls in the UK and this is their first foray into the Asian market.

  3. Posted April 9, 2008 at 6:50 am | Permalink

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