Provogue India - Triangle India Fund To Invest Rs 457 Crores In Provogue (India) Ltd''s Subsidiary

Provogue India Ltd has informed that Triangle India Real Estate Fund LLC, co-promoted by Old Mutual Investment Group Property Investment (OMIGPI) and ICS Realty has entered into an agreement to invest Rs 457 Crores (apprx US $114 million) for a 27% stake in a step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty). This downstream subsidiary of Prozone Liberty holds stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over approximately 1.6 million sq.ft.
Prozone Enterprise Pvt Ltd (subsidiary of Provogue (India) 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 GBP 10.8 Billion of which regional shopping centers account for over 85% of the portfolio. Liberty owns 9 of the top 21 regional mixed use centers in the UK and are amongst the 20 largest REITs in the world.
Prozone-Liberty has set up six international and domestic subsidiaries as SPVs for
carrying on its business viz. Prozone Liberty International Ltd, Prozone International
Ltd, Prozone Overseas Pte Ltd, Alliance Mall Developers Co Pvt Ltd, Royal Mall Pvt Ltd and Standard Mall Pvt Ltd.
The downstream subsidiary of Prozone-Liberty has acquired 5% additional stake in its Aurangabad Project and now holds a majority stake in it.