Trinity Capital Regulatory News (TRC)

23 Apr 2007 07:02

Trinity Capital PLC23 April 2007 FOR IMMEDIATE RELEASE 23 APRIL 2007 Trinity Capital PLC ("Trinity") £25.72 million investment in commercial and residential projects, Mumbai Trinity Capital PLC ("Trinity") today announces that it has acquired a 5.92%stake for £25.72 million in D.B. Realty Ltd. (DBR), part of Dynamix BalwasGroup, one of the largest developers in Mumbai. DBR, which is a £500 millionSPV, is currently developing 12 real estate projects in central and outerMumbai. Trinity has representation on the Board of DB Realty Ltd. Co-investing alongside Trinity on this deal are a prominent internationalinvestment bank and IL&FS Investment Managers Ltd (IIML), who are alsosubscribing to a 5.92% stake. This deal further demonstrates Trinity'scommitment towards developing sustainable partnerships alongside its ability tosource scaleable development opportunities. This is Trinity's third investmentwith IL&FS under the joint 50:50 partnership announced in August 2006. Thispartnership has proved to be extremely successful as is evidenced by the seriesof high quality investments that have been announced to date under this platformagreement. Today's agreement further represents Trinity's third deal withDynamix-Balwas Group. The Dynamix Balwas Group is a well established and successful Mumbai baseddeveloper and has developed in excess of 13 million sq ft of real estate in theform of township projects, residential complexes and shopping malls in andaround Mumbai. Upon completion, the projects will result in the development of up to 14.5million sq.ft of prime commercial and residential space and will significantlyredefine the landscape of central and suburban Mumbai where an acute shortage ofquality residential and commercial space has seen rental and property pricessoar in recent years. Work has already commenced on five of the twelve projects and construction onthe remaining seven is expected to commence by September this year. All twelveof the projects are expected to be complete within three years. Eleven of thetwelve projects are located in established commercial and residential areas ofsuburban and central Mumbai where there is significant demand for commercial andresidential real estate. DBR is also developing an IT park in Pune, one ofIndia's major IT hubs. Aashish Kalra, Managing Director of Trikona Capital, said: "This is a verysignificant investment and we are delighted to add this acquisition to ourportfolio of investments. This transaction, which represents our third deal withboth IIML and Dynamix Balwas Group, highlights Trinity's strength inestablishing sustainable partnerships and sourcing exciting deals." ENDS Enquiries: Trikona Capital Aashish Kalra +91 11 2620 7257 Cardew Group Tim Robertson +44 20 7930 0777 Sofia Rehman Catherine Maitland Gutenberg Communications 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