Prozone to get additional Rs 457 cr investment

Mumbai, Apr 1: Prozone enterprise, a step down subsidiary of Provogue (India) will get an additional investment of Rs 457 crore from Triangle India Real Estate Fund LLC, co-promoted by Old Mutual Investment Group Property Investment (OMIGPI) and ICS Realty.

The investment represented a 27 per cent stake in the company which hold stakes in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over an area of 1.6 m sq ft, according to a company release here. Prozone is a joint venture between Provogue (India) Ltd and Liberty International PLC which is a UK FTSE 100 listed property company, with assets of over 10.8 billion pounds sterling of which regional shopping centres account for over 85 per cent of the portfolio.

Liberty owns nine of the top 21 regional mixed use centres in the UK and were amongst the 20 largest REIT's in the world.

Prozone-Liberty has set up six international and domestic subsidiaries as SPVs for carrying on its business. They were Prozone Liberty International Ltd, Prozone International Ltd, Prozone Overseas Pvt Ltd, Alliance Mall Developers Co Pvt Ltd, Royal Mall Pvt Ltd and Standard Mall Pvt Ltd.

The downstream subsidiary of Prozone-Liberty has acquired five per cent additional stake in its Aurangabad Project and now holds a majority stake in it.

UNI