The Revel Collective Regulatory News (TRC)

18 Oct 2006 07:00

Trinity Capital PLC18 October 2006 FOR IMMEDIATE RELEASE Trinity Capital PLC ("Trinity") £215 million IT Park, Greater Noida Trinity Capital PLC is pleased to announce the acquisition of a stake in anInformation Technology Park project in Greater Noida. Trinity has committed£28.3 million to the project. The initial tranche comprises £10.3 million and asecond tranche of £10.1 million will be due in November 2006. A further £7.37million of equity will be invested into the development of the project. Thetotal cost of the development is expected to be £215 million which will befinanced through a mix of debt and pre-construction sales. The key details are as follows: • The project envisages development of approximately 5.2 million sq ft of Information Technology and Information Technology Enabled Services (IT/ITES) office buildings, 894,000 sq ft of residential apartments, 612,000 sq ft of serviced apartments and hotel space, and 477,000 sq ft of commercial space. Once completed this will be a self-contained IT destination. • The total cost of development is estimated to be £215 million. Since Trinity's investment is through a stake in the company that holds leasehold rights on the land, the internal rate of return is expected to be higher than that of normal investments in the IT sector. • The National Association of Software and Service Companies (NASSCOM) estimates that by 2008 the cumulative demand for real estate for IT/ITES in the National Capital Region will touch 16 million sq ft. Based on the strong demand for IT/ITES units and complexes, there will be also be demand for residential apartments, hotels, commercial spaces and other general facilities. Greater Noida IT Corridor: • The development is located in Greater Noida, a growing satellite town of Delhi that is adjacent to Noida, one of the largest industrial townships in Asia. Greater Noida is one of India's emerging IT zones and is expected, over time, to become one of the largest. The site is therefore located in a unique catchment area for IT/ITES, and this is one of ten properties in the IT corridor. Neighbouring developments in the IT zone include a development by the IT corporation Wipro for their own use which will help establish the IT zone, without affecting external demand. • The project site will be highly accessible as it is located along 6-lane 'Taj Expressway', the 160 km motorway that is under construction and will connect the city of Agra to Greater Noida and New Delhi. Moreover, the Taj Expressway will provide direct access to the Taj Special Economic Zone and the International Airport in New Delhi. There are also plans to develop an aviation hub along the expressway. • Great Noida has contemporary, efficient and comprehensive infrastructure encompassing industrial, residential, recreational and commercial areas. Greater Noida has been planned on a grid iron concept and employs state of the art technology in engineering and urban planning and architecture. Unlike many other cities of India, infrastructure development well precedes Greater Noida's inhabitation. Emphasis has been put on developing Greater Noida as a green city - free of pollution and with adequate green cover. Commenting on the announcement, Rak Chugh of Trikona Capital said: "Thisdevelopment gives us the opportunity to capitalise upon the continued strongdemand for IT parks in India, arising from exceptional growth in the IT and ITESindustries. The IT Park in Greater Noida is expected to become one of thelargest in India, and as a result will be a high profile development within thecountry." ENDS Enquiries: Trikona Capital Rak Chugh +91 11 2620 7257 Cardew Group Tim Robertson +44 20 7930 0777 Sofia Rehman Catherine Maitland (London) Gutenberg PR Harjiv Singh (New York) +1 212 209 3863 Pranav Kumar (Delhi) +91-98100-77898 Numis Iain McDonald +44 20 7776 1567 Notes: • For further information and regular updates regarding the Fund's activities, please log on and sign up for news alerts at www.trinityplc.com This information is provided by RNS The company news service from the London Stock Exchange