Pacific India Joint Venture Agreement


 

TIDMREAL 
 
RNS Number : 6929G 
Real Office Group PLC 
04 February 2010 
 

 
 
 
 Real Office Group 
("ROG" or the "Company") 
  Real Office Group strategic partnership in 
India 
 
 AIM-listed Real Office Group PLC (ROG), a company led by property 
entrepreneur Roger Smee with a strategy to acquire and manage commercial design 
and fit-out businesses has bolstered its global footprint strategy by joining 
forces on its Indian operation with renowned Delhi-based property developer and 
businessman Paul Dass and his company Mayaland Developers. 
 
 Paul Dass has 
subscribed for 49% of the equity in the ROG subsidiary, Pacific Interiors India 
Private Ltd (Pacific India) and will become Chairman and Managing Director.  As 
noted in the Company's recent trading statement, Pacific India has begun to move 
into profitability and Mr Daas has been part of the team driving this business 
forward. Mr Dass has committed his own resources and those of Mayaland to 
develop Pacific India to date. 
Paul founded the successful Mayaland Developers and has over 30 years experience 
in commercial property development and construction. He runs a significant 
property portfolio in India.  Paul will be using local teams and an 
international network to amplify Pacific India's growth and ultimately look to 
add new locations to the company's existing offices in Bangalore and New Delhi. 
Pacific India recently completed large-scale design and fit-out projects for 
recruiters Hays in Mumbai and for multi-brand skincare manufacturers Urban Shore 
in Delhi. 
 
 Pacific India has identified increasing demand from 
international corporates based in India who want the same level of reliability, 
quality and high-end design they can achieve in Western markets. Office rents 
across the major cities in India have dropped over the past year and companies 
are looking to take advantage of this reduction by reorganising their office 
space to expand or consolidate accordingly. 
 
 The deal with Paul Dass 
boosts ROG's  expanding international platform and is an important step towards 
building a 'one stop shop' for their global clients' design and build 
needs. 
 
 Mike Linforth, who heads up Pacific in the UK, comments: "We have 
seen a huge demand for our services from large international businesses with 
either an existing base in India, or are looking for new office space there. 
They are looking for reliability, delivery on time and a high-quality 
sophisticated office specification." 
 
 "We are delighted to have joined 
forces with Paul Dass, who has an established professional network and an 
extensive knowledge of the market we are expanding into. With his direction we 
plan to rapidly build up a powerful market presence by targeting the untapped 
end of the market where occupier needs are often not met by the larger property 
players and architects." 
 
 Paul Dass adds: "This is an exciting move. I 
have been very impressed by the management and solid reputation Pacific has 
built up in the market over the past 25 years. They are clearly a major business 
with a global vision. Together we are bringing a new concept to the Indian 
market with the Pacific 'one-stop' design and build offering." 
 
 "I look 
forward to matching my regional knowledge and contacts with their solid business 
vision - and to working closely with the Pacific team and existing client base 
in London." 
 
 Roger Smee, Chairman and Chief Executive Officer of ROG, 
says: "India fits perfectly with our immediate strategic expansion plans to move 
into countries where significant GDP growth remains. Our deal with Paul Dass 
represents the next step on Real Office Group's path to creating a truly global 
group of fit-out companies, where we can offer framework agreements to major 
clients, on a global basis. I hope to be able to announce further beneficial 
strategic partnerships and acquisitions in the near future." 
 
 Financial 
advisers to Mayaland were Sandeep Dinodia of S.R. Dinodia and Partners in Delhi 
together with legal advisers Toby Greenbury and Christopher Jones of solicitors 
Mishcon de Reya in London. 
 
 
Enquiries 
Real Office Group plc 
Roger Smee, Chairman 
Philip Brady, Finance Director 
0202 7822 0989 
 
Cenkos, Nominated Advisor to the Company 
Nick Wells/Elizabeth Bowman 
0207 397 8900 
 
Smithfield 
Reg Hoare 
020 7360 4900 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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