ICS - Asset Management Services

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Asset Management Services

ICS’ asset management ICA arm provides investment management/ advisory services to institutions/ funds focused on the Indian real estate sector.

IAM aims to capitalize on ICS Group’s in-depth understanding of the Indian real estate sector and the strong relationships developed by the Group over the years.

In 2008, IAM was appointed as the Indian advisory partner of the Triangle Real Estate India Fund (‘Triangle’), co-promoted by the ICS Group in partnership with Old Mutual Property (OMP), South Africa.

Triangle is an India focused, retail centric, FDI compliant, development fund listed on the Mauritian Stock Exchange.

OMP is the property arm of the Old Mutual Group (US$ 450 billion FUM) and has more than 50 years track record in asset management and property development and management in South Africa. It has a current AUM of approximately US$ 3.3 billion, with over 28 million sq. ft. spanning 330 buildings and accommodating over 4,400 tenants.

IAM offers comprehensive asset management services to its clients. Its forte is founded on its ability to manage investments from inception to maturity.

IAM currently manages Triangle’s US$ 69 million investment in 3 large retail centric mixed-use developments, in India’s upcoming tier 2 cities. The projects are being developed by Prozone, a joint venture between listed retail major Provogue (India) and Capital Shopping Centres (UK), a FTSE listed property company. The total developable floor space index (FSI) across the 3 projects is approximately 6.5 million sq. ft.

The 3 projects have a total development potential of approximately 6.5 million sq ft. More details on the projects are given in the table below:

Particulars	Aurangabad	Coimbatore	Nagpur
Land Area	19.8 acres	25.6 acres	41.4 acres
Development Size	Approximately 1.3 million sq ft [Retail: 800,000 sq. ft. leasable area]	Approximately 2.2 million sq. ft. [Retail: 665,000 sq. ft. leasable area]	Approximately 3.1 million sq. ft. [Retail: 665,000 sq. ft. leasable area]
Key Retail Tenants	Star Bazaar, Shoppers Stop, Westside, Satyam Multiplex, Orama Entertainment, Globus, Croma	In-principle approval from key anchors and other national retailers	In-principle approval from key anchors and other national retailers
Project Status	Retail Mall: Operational since October 2010 Commercial Offices: Phase 1: 200,000 sq. ft. under construction with 100% area pre-sold prior to start of construction	Construction commenced in Q1 FY 2012 - 13	Construction commenced in Q1 FY 2012 - 13

Triangle’s investment philosophy is cognizant of the current Indian and Mauritian legislation, regulations and market conditions, and has been formulated in such a way as to maximize any available tax advantages. With a strong pipeline of investment opportunities in the real estate sphere, ICS Group is in the midst of launching new investment products for global institutions, pension funds and other long term investors’ who wish to access the potential of the Indian real estate market.

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