Progress on leasing and sales shows robust demand for Ishaan's real estate portfolio | INRnews

31 Mar 2008, Source: INR NEWS

Mumbai, India, March 31, 2008 - Ishaan Real Estate Plc ("Ishaan") is pleased to announce the leasing and pre-letting of a further 577,000 sq. ft. of office and retail space, increasing the total area of leased and pre-let space in its commercial and retail development projects to 2.4 million sq. ft. Tenants have also exercised options for 232,000 sq. ft. of the commercial space in its Mindspace developments in Navi Mumbai and Hyderabad.

Much of this leasing activity, for projects which will be completed over the next three years, has taken place at prices above those expected at the time of the Company's admission to AIM. In addition, the company has completed the first hand-over of space to tenants for fit out at its Mindspace development (Non-SEZ development) in Hyderabad.

Ishaan also announces that approximately 20% of the saleable residential space in its premium residential development project, Vivarea, in central Mumbai, has now been pre-sold, also at prices above those anticipated at the time of admission.

Leasing and Pre-letting

Ishaan has signed a new lease agreement with a leading multinational company for 379,000 sq. ft. at Madhapur, Cyberabad, Hyderabad (Non-SEZ development). An option for approximately 48,000 sq. ft. has also been exercised and moreover, 150,000 sq. ft. of space in this project has been handed over to a tenant for fit-outs.

A leading IT Company has signed a lease for 90,000 sq. ft. at Madhapur, Cyberabad, Hyderabad (SEZ development). Further, Letters of intent have been signed for 108,000 sq. ft. with various tenants at Inorbit Mall, Madhapur, Hyderabad.

A leading multinational IT/ITES Company has now exercised it's option for 184,000 sq. ft. at Mindspace, Airoli, Navi Mumbai.

The aggregate area that has been leased / pre-let, now constitutes almost 15% (including approximately 4% under option) of the planned lettable area of the Initial Portfolio. Due to the expansion of the portfolio with the new investment made in the last quarter, the aggregate lettable area has gone up and the pre-let area constitutes around 11% of this increased area.