Triangle to pick 27 percent stake in Prozone subsidiary

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Mumbai: Triangle Real Estate India Fund, co-promoted by ICS Group and Old Mutual Investment Group Property Investments (OMIGPI), has signed a deal to invest Rs 457 crore ($114 million) for a 27 percent stake in a step-down subsidiary of Prozone Enterprises. This subsidiary owns stake in four of its projects being developed in Aurangabad, Indore, Nagpur and Jaipur, covering approximately 16 million square feet under development. Prozone Enterprises, a joint venture between retail major, Provogue (India) and Liberty International, is a UK FTSE 100 listed property company with assets of over 10.8 billion Prozone-Liberty is a specialist retail infrastructure company investing in design, development and management of large scale retail centric mixed use developments with a long term ownership plan. OMIGPI is a full service property company with growing international reputation for innovation. It manages over 50 shopping centers worldwide catering to more than 4,500 tenants. ICS group provides a comprehensive range of property services through a number of joint ventures with international domain leaders. Its areas of focus are architectural design services, mall management services and car park management. Besides property services, ICS Group is also active in corporate finance and financial services. Ian Watt, director, Pioneer Property Zone said, "We intend to capitalize on the growing consumerism in these tier-II and III cities in India. Also, the land valuations are sensible compared to metro cities and there is potential to build world-class developments."