West Pioneer's Kalyan mall open for business
West Pioneer (AIM:WPR), which intends to become a leading developer and operator of shopping malls in west and southern India, is pleased to announce that its Metro Junction mall in Kalyan, 30 miles north-east of Mumbai, has opened to the public.
The Group's anchor tenants, including Big Bazaar and McDonalds, have commenced trading from the mall and further tenants are expected to open in the coming days and weeks in accordance with their own timetables. The overall leasing of space under Phase 1 to tenants is in line with the Company's plans.
Construction of the lower ground, ground and first floor of Phase 1 of the mall, comprising some 500,000 sq ft of gross leasable area, is complete. Construction of the second floor which forms the food court and multiplex cinema has also been completed but will require additional finishing work before tenants can take occupation. This is expected by the end of May 2008.
Amit Jatia, Chairman of West Pioneer Properties Limited, said: "I am very pleased that Kalyan's anchor tenants have opened their stores. Kalyan is West Pioneer's first mall and this is a major milestone for the Group. We remain confident of achieving our initial objective of four million square feet of gross leasable area."
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Notes to Editors
West Pioneer Properties Limited intends to become a leading developer and operator of shopping malls in west and southern India. It was established to pursue opportunities in the rapidly growing organised retail and hotel sectors in India. The Group's strategy is to acquire land in strategic locations in west and southern India, primarily in Tier Two cities. The land is used to build, own and manage shopping malls, hotels or mixed mall-hotel complexes.