This now that its first Indian investment, the Prozone Aurangabad Mall, has opened its doors.

Ben Kodisang, managing director of OMIGPI, a part of the Old Mutual international long-term savings and investment group, said the opening of the new shopping centre, which represents the fund’s first investment, signalled it was ready for growth with existing partners – and new partners.

He said the Triangle fund was also partnering with Prozone, a joint venture between Provogue, a leading Indian retail group and Capital Shopping Centres plc, in investments in two other fast-growing cities – Coimbatore and Nagpur.

"In two years’ time, these two cities should see the opening of these further investments with our partners. These will be mixed use developments covering 800 000 square feet (74 320m²) of retail, together with office, hospitality and residential components."

Mr Kodisang said the Prozone Aurangabad Mall, a $75 million shopping centre, symbolised the value of partnerships, and was a milestone in OMIGPI’s decade-long associations with India.

"In 1999 ICS Infrastructure was founded to introduce international groups to India. In 2005 our initial links with ICS were cemented in Pioneer Property Zone. This joint venture where we contribute skills from our experiences in retail developments and ICS facilitates access to clients, enables developers in India to get a structured approach towards building and managing shopping centres. Having gained an appreciation of the Indian market – and of the opportunities – with our partners, we established the Triangle Real Estate India Fund, based in Mauritius, in 2008."

The Prozone Aurangabad Mall was also a realisation of an opportunity to address the under-representation of organised retail in smaller ‘tier 2’ cities like Aurangabad in a responsible and sustainable way.

“We believe in the merits of investing in ‘tier 2’ cities where there is market demand and which we believe offer better value and long term growth,” said Mr Kodisang. “While we, as investors, and our stakeholders, are set to benefit from the fast-growing consumer market in India, we also recognise the benefits associated with the mall for the development of the Aurangabad community. These include upgraded roads, world-class shopping, entertainment and banqueting facilities and a market place for smaller local traders.”

Prozone Aurangabad Mall, located in a prime residential neighbourhood in one of the fastest growing and industrialising cities in India, has 800 000 square feet (74 320m²) of space and more than 150 retail stores selling top local and international brands, a five-screen cinema complex, a large family entertainment centre, 3 000 parking bays and a market trading area to promote local entrepreneurs. The centre is anchored by key national retailers, including Shopper’s Stop, Tata’s Star India Bazaar, Croma and Westside, and select Pantaloon formats.

There are also plans to build an office complex above the centre. A business class hotel will be constructed to complement the precinct.

The mall is three kilometres from the city’s international airport and a 15-minute drive from the city centre. It has a primary catchment area of 1 million middle- to high-income consumers within a radius of 7-10 kms (or 25 minutes’ drive), while its secondary catchment area comprises about 1.65 million middle- to high-income consumers within a radius of 50-100 kms (30 -90 minutes’ drive).

Aurangabad, housing the administrative headquarters of the Marathwada region, is a major educational centre. It ranks as the seventh-most-popular tourist destination in India, attracting some 1.5 million tourists a year to see the famous Ajanta and Ellora caves.

_____________________________________________________________________________________

About Triangle India Real Estate Fund LLC
The Triangle India Real Estate Fund was promoted by Old Mutual Investment Group Property Investments (OMIGPI) and its joint venture partner, ICS Realty, in 2008 as an opportunistic closed-end development fund focused on retail shopping centres. The Fund has a commitment of US$120 million and its first investment in Prozone is valued at around US$70 million. The Fund is listed on the Mauritian Stock Exchange, with Old Mutual Life Assurance Company SA as its primary investor. The target return is 20% over an eight-year term. It aims to capitalise on the rapidly expanding Indian organised retail market and the exceptional Indian growth rate. To find out more, visit the OMIGPI or Triangle India Fund websites.

About Provogue and Prozone
Founded in 1997 and listed on the Mumbai and National Stock Exchanges, Provogue is one of India’s top retail brands with 126 owned stores and 110 “shop-in-shops” across the country. Its property subsidiary, Prozone, a joint venture with UK listed Capital Shopping Centre plc (formerly Liberty International plc), focuses on developing retail infrastructure including shopping centres, and is the developer of the Prozone Aurangabad Mall. Prozone plans to start development on two new mixed-used developments in Nagpur and Coimbatore in the coming months. To find out more, visit the Provogue or Prozone websites.