Prozone INTU is a specialist retail and residential-led mixed-use real estate development company, harnessing Intu Properties plc experience as UK's largest retail real estate developer combined with Provogue (India) Ltd's in-depth knowledge of the Indian market. The company has a strong balance sheet, a large land bank fully paid, a planned pipeline of projects and a strong domestic execution team.
Intu Properties plc is a FTSE-100 Company listed in UK and has an asset valuation of more than 9 billion pounds. Intu Properties plc owns 20 properties, including 10 of the top 25 shopping centers in UK with a dominant market share. Two senior officials of Intu Properties Plc sit on the board of Prozone Intu.
The business model is to acquire large land parcels at select locations in high growth corridors within city limits. Subsequently design, develop, execute and manage high quality Regional Shopping and Entertainment Centres and on the conjugant land bank to develop and sell mixed-use Residential Townships and Commercial Office Blocks to create new 'city centres' across the rapidly evolving Indian urban landscape.
The overarching plan is to develop long term scarce assets with properties that optimize the intrinsic value of the land with sale of Residential and Commercial units to monetize the land banks facilitating the creation of debt-free retail assets generating annual income over the long term. As India's retail market matures, quality retail real estate assets are expected to develop high yield compression ratios.
Prozone Intu has attracted investments from major institutional investors, notably the Triangle Fund (anchored by Old Mutual Group, South Africa) and the Lewis Trust Group, UK in its subsidiary Companies.
The Company owns six land banks in strategic city locations across the country comprising a total of 17.8 million square feet of developable area.
To become India's leading developer / manager of high quality shopping centers in emerging urban cities pan-India, incorporating mixed-use developments to facilitate the business model.
Intu Properties Plc is a UK FTSE-100 listed property company with assets of over GBP 9 billion of which regional mixed-use centers account for over 90 percent of the portfolio. They have over 30 years of experience in developing, owning and managing retail infrastructures. They are the third largest REIT in UK and amongst the top 20 in the world. As on 30th September 2012, Intu owned 15 regional shopping Malls amounting to 16.6 million sq. ft. of retail space. Amongst the centers that Intu own are the prestigious Covent Garden in central London, the Metro center in Newcastle, Lakeside Thurrock, Manchester, Arndale Center etc. All these centers are Mixed-Use Developments with Covent Garden alone attracting more than 50 million tourists and together more than 320 million customer visits to these centers every year. The centers are positioned as regional Mixed-Use Developments anchored by entertainment, hospitality, shopping, food court, restaurants, cafes, offices, etc.
Provogue (India) Limited is the ninth largest listed retail company on the Indian Stock Exchanges. It is in the ET 500 and ranked no. 5 across India in the customer loyalty index by Business World. The Company owns India's premier fashion brand - "Provogue" operating through over 70 outlets and Pan-Indiaecommerce presence.