Trinity Capital Regulatory News (TRC)

23 Oct 2006 07:00

Trinity Capital PLC23 October 2006 FOR IMMEDIATE RELEASE Trinity Capital PLC ("Trinity") £265 million Township Development in Thane, Mumbai Trinity Capital PLC is pleased to announce that the asset manager of its Fund,Trikona Capital ('Trikona'), has entered into a co-investment partnership withKapstone Constructions Pvt. Ltd, to develop a large integrated development knownas "Rustomjee's Township" in Thane, Mumbai. Trinity will provide developmentfinance of £10.75 million for a stake of 16% in the development with an optionto increase its investment to 21% for a further £3.5 million, subject tospecific criteria being met. Kapstone Constructions Pvt. Ltd, is part of the Keystone Group, a leading Indianreal estate developer. The key details are as follows: • Thane, Mumbai is the fastest growing satellite town in India*. With little development land available in central Mumbai, Thane is positioned to continue its phenomenal growth to date. Rustomjee's Township will be one of Mumbai's largest integrated townships, only 40 km from the city's business centre, it is situated close to the national highway and has excellent access to multiple rail services. In addition, a number of major rail infrastructure projects are currently underway, all of which will benefit Thane by adding greater connectivity and speed for local commuters. *source Economic Times 11 August 2006 • Rustomjee's Township will focus on creating a total lifestyle environment. With parks, nature walks, waterfront development, landscaping and innovative designs to minimize commuting time between work and home. The project will introduce concepts such as "walk to work" to local residents working in Thane's commercial areas. • The partnership plans to develop over 7 million sq ft, incorporating a mix of residential, commercial and Information Technology space as well as a retail mall, educational, recreational and healthcare facilities. The commercial space may also include a hotel, a long stay serviced apartment block and hostelry to service ITES and BPO businesses. • The project cost is estimated to be £265 million. Estimated IRR meets the investment criteria set out at the time of the Company's Offering Document. • The project is being developed, constructed and marketed by the Keystone Group. Construction is expected to begin in December 2006. The transaction was referred to in the Company's admission document at the time of the IPO. Boman Irani, Managing Director, Keystone, "The last few years have seen officesand people move out of business districts and crowded city localities and in tosuburbs and secondary suburbs to save on high rental cost, avail of the betterquality of offices and of life. This migration has given rise to the need fororganized development of a large scale in the real estate sector. Rustomjee'sTownship is such an initiative. As one of the largest integrated township inMumbai, Rustomjee's Township will be developed into residential, retail andcommercial spaces." Commenting on the announcement, Aashish Kalra of Trikona Capital said, "Therapid urbanization of India requires integrated townships as they are convenientand offer a better quality of life. Rustomjee's Township also has the addedadvantage of being located close to Mumbai and is ideally connected to Mumbai byroad and rail. This proximity to India's commercial and business centre willensure Rustomjee's Township appeals to firms and individuals alike." ENDS Enquiries: Trikona Capital Aashish Kalra +91 11 2620 7240 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