Alpha Tiger Announces Sale of

RNS Number : 4886H

Alpha Tiger Property Trust Limited

22 February 2010

 



ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")

ALPHA TIGER ANNOUNCES SALE OF ITS TECHNIKA INVESTMENT

The Company announced on 30 May 2008 a co-development agreement to build a 800,000 square feet business park development project in NOIDA Sector 132 ("Technika").  The Company subsequently acquired a 31.75% equity interest in the joint venture Special Purpose Vehicle ("SPV"). To date, the SPV has held the development land and no construction has commenced.

The Company announced on 10 March 2009 that it had entered into an agreement which permits Pasco Infotech, a joint venture partner, a limited period of time to seek a purchaser of the SPV, with each partner committing to sell their shares in the holding SPV provided that a sale occurred within a 180 days period.  As previously announced, this agreement was extended in September and December 2009.

The Company now confirms that a sale has been successfully concluded with Pasco Infotech purchasing Alpha Tiger's interest.  This has resulted in a capital return of INR 69 million (£0.9 million) and the release of INR 241 million (£3.3 million) previously reserved as equity for the Technika construction funding. The investment was held in the 30 September 2009 accounts at INR 69 million (£0.9 million).

The proceeds from the disposal will be used to make investments in accordance with Alpha Tiger's investing policy.

Brad Bauman, Joint Fund Manager, commented that "the sale meets the Company's stated policy of recycling capital and demonstrates the successful active management approach applied to Alpha Tiger's investments".

For further information please contact:

Alpha Tiger Property Trust Limited

David Jeffreys, Chairman, Alpha Tiger                              [phone]

Brad Bauman, Joint Fund Manager, Alpha Tiger                [phone] (India)

Panmure Gordon, Nominated Adviser to the Company

Richard Gray/Andrew Potts/Stuart Gledhill                       [phone]

Notes to editors:

About Alpha Tiger Property Trust

Further information is available at www.alphatigerpropertytrust.com

 

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