Triangle buys 27% stake in Provogue India subsidiary for Rs 457 cr

New Delhi, Apr 1 (UNI) Apparel retailer Provogue India Ltd today said it has entered into an agreement with Triangle India Real Estate Fund to invest Rs 457 crore for a 27 per cent stake in a step-down subsidiary of Prozone Enterprises Pvt Ltd.

This downstream subsidiary of Prozone Liberty holds stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over about 1.6 million sq ft, a company statement said.

Prozone Enterprise Pvt Ltd 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 of which regional shopping centres account for over 85 per cent of the portfolio.

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