29 May 2007
29 May 2007: embargoed for 7.00am
India - Real estate framework agreement
Xansa announces that it has entered into a legally binding framework agreement
with Alpha Tiger Property Trust Ltd to effect the sale and leaseback of Xansa's
real estate interests in India. The agreement also appoints Alpha Tiger, which
invests in and develops Indian real estate, as Xansa's preferred provider in
India. This agreement is conditional, inter alia, on local and central
government approvals, including Special Economic Zone (SEZ) notification and is
expected to be completed in phases.
The proceeds of the transaction, which are expected to be up to £35 million
before expenses and taxes, will be used to reduce Group net debt.
This agreement will enable Xansa to crystallise the value inherent in its real
estate portfolio in India. It establishes a strategic relationship with a local
real estate partner who will provide best-in-class management of the properties
and will enable Xansa to grow its presence in India with greater flexibility,
speed and at lower risk. Through this initiative, Xansa will maintain its
commitment to first class service delivery to its clients and continue to
provide a superior workplace environment for its staff.
Alistair Cox, Chief Executive of Xansa commented:
"We have developed our own properties in India over the past 10 years as it has
been difficult to find suitable, specialist facilities. This outsourcing
arrangement with Alpha Tiger will provide an excellent solution to our current
and future real estate requirements in India, whilst freeing up capital and
resource to focus on the further development of our core business."
Gordon Stuart Giles Sanderson, James Melville-Ross
Finance Director, Xansa Financial Dynamics
Tel : + 44 (0)8702 416181 Tel : + 44 (0)20 7831 3113
Xansa is a UK-based outsourcing and technology company with over 8000 people in
the UK and India.
With a 45-year history of sustaining long-term relationships and pioneering
better ways of working, Xansa drives real and long-term cost reductions and
performance improvements. Committed to delivering guaranteed business outcomes
through a combination of technology and process expertise, Xansa gives clients
across the private and public sectors the freedom to do more.
Xansa is listed on the London Stock Exchange (XAN.L) with revenues for 2006 of
Further information on Xansa can be found at: www.xansa.com
About Alpha Tiger Property Trust Limited
Alpha Tiger is a Guernsey registered closed-ended investment company investing
in and developing Indian real estate. It floated on AIM in December 2006,
The investment manager is Alpha Real Capital LLP, an international property fund
management group with operations in India and other international real estate
Further information is available at www.alphatigerpropertytrust.com.
About Alpha Real Capital LLP
Alpha Real Capital is a value-adding international property fund management
group with operations in the Indian and other international real estate markets.
Alpha Real Capital was established by Phillip Rose and Sir John Beckwith.
Alpha Real Capital is the Investment Manager to Alpha Tiger. Alpha Real
Capital's Indian CEO, Brad Bauman is Fund Manager to Alpha Tiger. He has 18
years' experience in the real estate and finance industries, and has been
responsible for Alpha Real Capital's Asian investment programme since 2005.
This information is provided by RNS
The company news service from the London Stock Exchange R