January 09,2008. Dev Property Development Plc (DPD.L) today declared that it intends to organize its entire interest in two development projects-
- The Jupiter Mills Project
- Elphinstone Mills Project
Total Investment on these two projects is £114 million. The company has declared its strategy that it will seek shareholder approval for the disposal of its interests in two of its three development projects in the extraordinary general meeting. The meeting will be held on 25 january,2008. The projected business deal will be planned as a sale of Dev’s entire 13 percent interest in each of the following project special purpose vehicles, or SPVs, Indiabulls Properties Private Ltd and Indiabulls Real Estate Co. Private Ltd. Dev’s interests in the SPVs will be sold to wholly owned subsidiaries of Indiabulls Properties Investment Trust, a Singapore-based investment trust with the principal objective of investing in office space in India.
The proposed transaction is currently expected to complete by March 1, 2008.
