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RNS Number : 3593I

West Pioneer Properties Limited

14 June 2011

 
 Press Release   14 June 2011

West Pioneer Properties Limited

("the Company")

Notice of Preliminary Results

West Pioneer Properties Limited (AIM:WPR), a leading developer and operator of shopping centres and mixed use developments in west and south India, will be announcing its Preliminary Results for the year ended 31 March 2011 on Tuesday, 28 June 2011.

An analyst briefing given by Ajay Gupta, Chief Executive Officer and Nitin Dattani, Executive Director will be held at the offices of Abchurch Communications, 16(th) Floor, 125 Old Broad Street, London, EC2N 1AR, at 9.30am on Tuesday, 28 June 2011.

-Ends-

For further information:

 
 Evolution Securities 
 Jeremy Ellis / Chris Clarke   Tel: +44 (0) 20 7071 
                                               4300

Media enquiries:

 
 Abchurch Communications 
 Sarah Hollins / Mark Dixon        Tel: +44 (0) 20 7398 
                                                   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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