Appoints VP Real Estate
West Pioneer appoints new Vice President of Real Estate Development
West Pioneer Properties Limited, a leading developer and operator of shopping malls in west and southern India, today announces the appointment of Anthony W. Ward as Vice President, Real Estate Development with immediate effect. Mr Ward will be responsible for site selection, design and construction and will work in conjunction with the existing team, reporting to the Board.
Mr Ward has sixteen years' experienc e in the international retail sector, most notably as International Real Estate and Construction Development Director at Wal-Mart Stores, Inc. While at Wal-Mart, he directed the real estate and construction teams in nine countries in the development of five-year business growth plans and was selected as Head of Real Estate for entry into the Indian Market. Mr Ward's appointment to West Pioneer will bring invaluable knowledge of international development and construction of retail real estate and help the company to continue to capitalise on the growing organised retail sector in India.
Furthermore, Mr Ward's appointment will continue to drive West Pioneer's strategy of developing shopping malls economically whilst ensuring the infrastructure and location of these sites continues to be of the highest possible international standard.
Jayant Sohonie, Chief Executive of West Pioneer Properties, commented: "We are delighted to welcome Tony to West Pioneer. Tony's comprehensive background in retail will further strengthen the management team in achieving the Company's strategy of becoming a leading developer and operator of shopping malls in tier two cities in India. Tony's detailed international retail and property knowledge will be applied to West Pioneer's strategy of creating truly destination based shopping centres which focus on both the retailer and customer needs, while considering the objectives of our shareholders."
For further information, please contact:
| West Pioneer | |
| Amit Jatia, Chairman | Tel: +44 (0) 20 7398 7700 |
| Jayant Sohonie, Chief Executive Officer |
| Libertas Capital | |
| Aamir Quraishi / Andrew Hardy | Tel: +44(0) 20 7569 9650 |
Media Enquiries
| Abchurch Communications | |
| Heather Salmond / Leena Patel | Tel: +44 (0) 20 7398 7700 |
| leena.patel@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
West Pioneer is a leading developer and operator of high-quality consumer/retail centric shopping malls in India. It was established by the prominent Mumbai based Jatia family to pursue opportunities in the rapidly growing organised retail and hotel sectors in India. The Group intends to acquire land in strategic locations in west and southern India, primarily in Tier Two cities. The land will be used to build, own and manage shopping malls, hotels or mixed mall/ hotel complexes.
The real estate and property development skills of the Jatia family, and Amit Jatia in particular, have been integral to the establishment and ongoing development of McDonald's operations in India, providing expertise in site acquisition (identification, feasibility studies and negotiation) and site development (design, tendering, engagement and management of external consultants).
The shopping centres' design will focus upon a contemporary style with the aim of reducing development costs and ongoing energy consumption. West Pioneer has already commenced the development of its first shopping mall in Kalyan, 30 miles north-east of Mumbai. A thorough selection process of the retail mix has taken place and the project is expected to be completed by the second half of 2007.
The retail market opportunity in west and southern India is derived from a combination of a virtually unpenetrated organised retail environment, growth in the middle class population, greater transparency in the property market and improved infrastructure development which provides access to the market.