Astra Mining Jaydeep Biswas

Astra Mining and Janayen Real Estate signs Joint Venture Agreement.

Astra Mining, through its subsidiary Astra Capricorn Investments Pty Ltd, has signed and confirmed a Joint Venture Agreement with Janayen Real Estate.

Janayen Real Estate is a subsidiary of the Janayen Group, a Dubai based global development management company specialising in guest worker accommodation, with expertise in property, project and facility management services.

Astra Mining CEO Dr Jaydeep Biswas says the Joint Venture between Janayen and Astra will merge their respective expertise in the development and management of worker’s accommodation facilities.

“This will enable the establishment of an entity which will be the master developer to, and manager of, projects involving developments suitable for the purpose of building, leasing and managing worker’s accommodation facilities on a commercial basis to house mining workers in Queensland, Australia,” Dr Biswas says.

Astra Mining and Janayen;

..shall be responsible in securing debt/bond finance on behalf of the Joint Venture Company for the construction costs associated with the development of the projects, and their respective equity interests are to be shared on a 50 per cent each basis.

It is the intention of Astra and Janayen to have their respective equity interests in the Joint Venture listed through the Janayen Property Trust on the Singapore Exchange within the forthcoming 24 months.

For further information on the Janayen Group, please go to www.janayen.com

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(Source: astramining.com)