WPR West Pioneer

TIDMWPR

RNS Number : 7889O

West Pioneer Properties Limited

23 September 2011

 
 Press Release   23 September 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, is pleased to announce the appointment of Chris Hough as a Non-Executive Director of the Company with immediate effect.

Chris Hough, aged 52, qualified as a Chartered Surveyor in 1986. Two years later he became one of the founding members of the Association of Project Management, a registered charity in the United Kingdom which aims to develop and promote the professional disciplines of project management and currently has over 19,000 individual members and 500 corporate members.

With a career spanning 34 years he has worked on a wide range of construction projects both in the UK and overseas. In recent years, Chris has acted as Project Manager on a $2 billion leisure development in Zanzibar, the $20 million Central Bank in Mauritius and provided programming advice for the new $25 million Hilton Hotel, also in Mauritius. In 2007 he was the lead Project Director on a EUR120 million retail mall development in Romania. In the UK, Chris has a range of experience on new build and refurbishment projects in both public and private sectors, including the Broadgate Development and the Imperial War Museum. Most recently Chris has been providing development and project management advice to a development and finance company working in London.

The Company also announces that Mihir Thakar, Non-Executive Director of the Company has stepped down from the Board with immediate effect in order to pursue other business interests.

Ajay Gupta, Chief Executive Officer of West Pioneer commented: "We are delighted to welcome Chris to the Board of West Pioneer. We are confident that his knowledge and expertise will be invaluable to the West Pioneer as we continue to make progress on the Company's developments. Chris has extensive experience in international project management and we look forward to working with him to further develop the business.

The Board would also like to thank Mihir Thacker for his contribution to the Company over the years and wish him well in the future."

Save as disclosed in this announcement, there is no further information required to be disclosed by Schedule 2, paragraph (g) of the AIM Rules.

-Ends-

For further information:

 
 Evolution Securities Limited, NOMAD 
  and Joint Broker 
 Jeremy Ellis / Chris Clarke           Tel: +44 (0) 20 7071 
                                                       4300 
 
 
 Religare Capital Markets plc, Joint 
  Broker 
 Tim Davis, Director, Corporate Finance   Tel: +44 (0) 20 7444 
                                                          0539 
 

Media enquiries:

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