Plaza Centers, the emerging markets retail developer, has bought the 50% stake its joint venture partner, the Avinash Bhosale Group (ABIL), held in their Koregaon Park development in Pune, Western India for a total of $20 mln (EUR 15.6 mln).
Plaza Centers, the emerging markets retail developer, has bought the 50% stake its joint venture partner, the Avinash Bhosale Group (ABIL), held in their Koregaon Park development in Pune, Western India for a total of $20 mln (EUR 15.6 mln).
The transaction price includes all of the cost invested in the development by ABIL to date.
Construction is already underway on the project, covering 2.4 hectares, which is located in Koregaon Park, an upmarket area of Pune. The mixed-use scheme has a total area of 111,000 m2 which will comprise a shopping centre with an estimated area of 83,500 m2 and 27,500 m2. It is anticipated that construction will be completed in the first half of 2010.
Plaza said the acquisition of ABIL's 50% stake will give Plaza full control of the development and 'utilise the considerable local experience that it has built up over the last three years in the region'. Plaza expects to continue as planned with its other joint venture partners in its remaining five developments in India.
