Successful completion of IPO

RNS Number:2677Q
DEV Property Development PLC
29 January 2007


                     Dev Property Development plc announces
                      the successful completion of its IPO


29 January, 2007 - Dev Property Development plc ('Dev Property Development plc'
or the 'Company'), today announces the placing of 138 million ordinary shares at
a price of #1.00 per ordinary share raising gross proceeds of #138 million in an
Initial Public Offering ('IPO'). Dev Property Development plc is a real estate
investment company incorporated in the Isle of Man whose strategy is to invest
in commercial and residential real estate developments, which are suitable for
foreign direct investment ('FDI') in major cities in India such as Mumbai, New
Delhi, Kolkata, Bangalore, Chennai and Hyderabad. The Company also intends to
make investments in Special Economic Zones ('SEZs').


Highlights of the IPO are:

   *138 million ordinary shares have been placed with certain institutional
    investors at a price of #1.00 (the 'Offer Price') per ordinary share raising
    gross proceeds of #138 million (the 'Placing')


   *Conditional dealings in the Company's ordinary shares are expected to
    begin on Monday, 29 January, 2007 at 8:00 am on AIM under the ticker symbol
    DPD.L and admission to trading on AIM is expected to become effective and
    unconditional dealings are expected to begin at 8:00 am on Thursday, 1
    February, 2007


   *It is intended that the entire net proceeds of the Placing (net of
    provisions for launch and certain ongoing expenses) will be used to acquire
    minority interests in an identified portfolio of real estate assets


   *Citigroup Global Markets Limited, Deutsche Bank AG, London Branch
    ('Deutsche Bank') and UBS Limited have been appointed Joint Global
    Co-ordinators and Joint Bookrunners. Deutsche Bank will act as the Company's
    Nominated Adviser and Broker. CLSA Limited have been appointed as Lead
    Marketing Agent.


For further information, please contact:

Citigroup Global Markets Limited +44 20 7986 4000
Tim Harvey Samuel
Alex Carter

Deutsche Bank AG +44 20 7545 8000
Ashok Pandit
Martin Pengelley
Imran Ahmed


UBS Limited +44 20 7567 8000
James Geary


M:Communications
Ed Orlebar
+44 20 7153 1523 or +44 7738 724 630 orlebar@mcomgroup.com
Sarah Hamilton
+44 20 7153 1538 or +44 7836 295 291 hamilton@mcomgroup.com




About Dev Property Development plc


   *The Company's general strategy will be to focus on a range of residential
    developments and commercial / Information Technology - Information
    Technology Enabled Services developments in major cities in India. The
    Company will also invest in selected SEZs which have obtained 'in-principle'
    SEZ approval from the Indian Government's Board of Approval.


   *The growth of the Indian service sector, focused primarily in major
    Indian cities, has led to substantial demand for commercial real estate
    required by this sector, as well as better quality residential real estate
    driven by concurrent growth in economic prosperity.


   *Three real estate assets (the 'Seed Portfolio Assets') are currently
    being developed by affiliates of Indiabulls Real Estate Limited, which has
    recently demerged from Indiabulls Financial Services Limited, one of India's
    leading financial services companies. These three assets have been valued by
    Knight Frank (India) Limited at Rs185.2 billion (#2.1 billion) assuming 100
    per cent. ownership of the assets. The Company intends to co-invest in the
    three Seed Portfolio Assets, acquiring a minority shareholding in each. It
    is anticipated that similar co-investment arrangements with Indiabulls Real
    Estate Limited ("IBREL") may be entered into in respect of future qualifying
    projects to be developed by the IBREL group.



Indian market opportunity

   *The Indian economy is expected to be the third largest in the world by
    2010 as measured by purchasing power parity. It's the second fastest growing
    major economy in the world, with a GDP growth rate of 9.2 per cent. at the
    end of the second quarter of 2006-2007.


   *The country is one of the front-runners of the rapidly growing Asia
    Pacific Region as a result of a series of economic reforms aimed at
    deregulating the economy and stimulating foreign investment. Overall, India
    attracted FDI of around US$33 billion (#16.8 billion) between 2000 and 2006.


Indian Real Estate

   *The real estate sector in India has assumed growing importance following
    the liberalisation of the economy. It has benefited from the Government's
    recognition that real estate development is critical to the country's
    economic development by being one of the major employment drivers in the
    country.


   *In March 2005, the Indian government liberalised FDI policy allowing an
    FDI stake of up to 100 per cent. in Indian real estate companies. Industrial
    policy reforms have substantially reduced industrial licensing requirements,
    removed restrictions on expansion and facilitated access to foreign
    technology and FDI. The Government has implemented a new regime relating to
    the creation of SEZs and has granted tax advantages to companies investing
    in real estate.


   *Over the next few years rising residential demand, the continued demand
    from IT and ITES for commercial space, the rising retail demand from urban
    areas and smaller cities and favourable policy FDI is expected to drive the
    growth of the real estate construction industry. These three segments are
    expected to attract investments of approximately of Rs. 5,508 billion (#63.3
    billion) over the next 3 years as compared with Rs. 4,869 billion (#56.0
    billion) in the last 3 years.


   *The IT and ITES sectors are driving demand for quality office space and
    it has been estimated that these sectors will require 50 to 70 million sq
    uare feet of office space over the next two to three years.



Some of the information in this announcement may contain projections or other
forward-looking statements regarding future events or the future financial
performance of the Company. You can identify forward-looking statements by terms
such as 'expect', 'believe', 'anticipate', 'estimate', 'intend', 'will',
'could', 'may' or 'might' or other similar expressions. The Company wishes to
caution you that these statements are only predictions and that actual events or
results may differ materially. The Company does not intend to update these
statements to reflect events and circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events. Many factors could cause
the actual results to differ materially from those contained in projections or
forward-looking statements of the Company, including risks specifically related
to the Company and its operations.

Neither this announcement nor any copy of it may be taken or transmitted in or
into the United States, Australia, Canada, India or Japan. This announcement
does not constitute or form part of any offer or invitation to sell, or any
solicitation of any offer to purchase nor shall it (or any part of it) or the
fact of its distribution, form the basis of, or be relied on in connection with,
any contract therefore. The offer of ordinary shares in the Company (the
'Offer') and the distribution of this announcement and other information in
connection with the listing and Offer in certain jurisdictions may be restricted
by law and persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

This communication is directed only at persons in member states of the European
Economic Area who are qualified investors within the meaning of Article 2(1)(e)
of the Prospectus Directive (2003/7/EC) ("Qualified Investors"). This
communication is only directed at (i) persons who are outside the United Kingdom
or (ii) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or
(iii) high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together with Qualified Investors being referred to as "relevant
persons"). The securities are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such securities will be
engaged in only with, relevant persons. Any person who is not a relevant person
should not act or rely on this communication or any of its contents.

This announcement is not an offer for sale of any securities of the Company in
the United States. Any securities of the Company may not be offered or sold in
the United States absent registration or an exemption from registration under
the U.S. Securities Act of 1933. The Company has not registered and does not
intend to register any portion of the Offer in the United States or to conduct a
public offering of any securities in the United States.

This document is not an offering circular or prospectus within the meaning of
the Companies Act, 1956, the SEBI (Disclosure and Investor Protection)
Guidelines 2000 and applicable Indian law. This document should not be construed
to be an offering of securities in India.

This announcement does not comprise a prospectus or an admission document and
does not contain or constitute or form part of any offer or invitation, or any
solicitation of an offer, for securities and should not be relied on in
connection with any contract or commitment whatsoever. An admission document
prepared pursuant to the AIM Rules is intended to be published, which, when
published, can be obtained in accordance with applicable rules. Investors should
not subscribe for any ordinary shares in the Company referred to in this
announcement except on the basis of the information in such admission document.

This does not constitute a recommendation concerning the Offer. The value of
shares can go down as well as up. Past performance is not a guide to future
performance. Potential investors should consult a professional advisor as to the
suitability of any offering for the individual concerned.

Deutsche Bank AG is authorised under German Banking Law (Competent authority:
BaFin - Federal Financial Supervising Authority) and with respect to UK
commodity derivatives business by the Financial Services Authority and is
regulated by the Financial Services Authority for the conduct of UK business.
Deutsche Bank AG is acting for the Company and no one else in connection with
the Offer and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Deutsche Bank nor for providing
advice in connection with the Offer.

Citigroup Global Markets Limited, which is authorised and regulated by the
Financial Services Authority for the conduct of UK business, is acting for the
Company and no one else in connection with the Offer, and will not be
responsible to anyone other than the Company for providing the protections
afforded to its clients nor for providing advice in connection with the Offer.

UBS Limited is acting for the Company and no one else in connection with the
Offer, and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients nor for providing advice in
connection with the Offer.


Stabilisation/FSA




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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