USD22m Investment in Project in Third Tier City
(Thomson Reuters ONE) -
9 September 2010
Pacific Alliance China Land Limited
('PACL' or the 'Company')
USD22m Investment in Project in Third Tier City
Pacific Alliance China Land Limited ('PACL' or 'the Company'), the closed-end
investment company admitted to trading on AIM and focused on investing in a
portfolio of investments in existing properties, new developments, distressed
projects and real estate companies in Greater China, today announces that it has
invested US$22million ('the Investment') through a domestic Chinese subsidiary
for a 15% equity interest in a primarily residential development project with
Shanghai Aijia Investment Group ("the Developer"). The project, located in the
third tier city of Jiangyin in Jiangsu Province, is a vacant site with a total
buildable GFA of 367,650 sq m. The investment was funded entirely from free cash
without leverage and is expected to generate attractive returns with a minimum
preferred cash multiple of 1.4x over the proposed three year term.
The Shanghai based Developer is a regional leader in the Yangtze River Delta and
has to date developed over two million sq m of property. An affiliate company of
the Developer is working towards a domestic listing and PACL may have the
opportunity to swap its equity interest in the project for shares in the
prospective public company, possibly to realize a higher valuation and better
liquidity.
"PACL's investment in the Jiangyin project is a defensive play with attractive
upside potential in the context of current market dynamics where investment
fundamentals in second and third tier cities remain sound. This investment also
allows PACL to develop a strategic partnership with a well regarded regional
developer with the potential for further investment opportunities in the
residential sector," commented Patrick Boot, Managing Director of PACL's
investment manager, Pacific Alliance Real Estate Limited.
Enquiries:
For more information, please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot, Managing Director Jon Lewis, General Counsel
Pacific Alliance Real Estate Limited c/o Pacific Alliance Group
16/F, St. John's Building 16/F St. John's Building
33 Garden Road 33 Garden Road Central,
Central, Hong Kong Hong Kong
T: (86) 21 6288 3788 T: (852) 2918 0088
F: (86) 21 6288 9272 F: (852) 2918 0881
pboot(at)pacific-alliance.com.cn jlewis(at)pacific-alliance.com
BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
LCF Edmond de Rothschild Securities Grant Thornton Corporate Finance
T: (44) 20 7845 5960 T: (44) 20 7383 5100
F: (44) 20 7845 5961 Philip.J.Secrett(at)gtuk.com
funds(at)lcfr.co.uk
MEDIA RELATIONS:
Sophie Hoggarth
Pacific Alliance Group
T: (86) 21 6113 5818
shoggarth(at)pacific-alliance.com
Andrew Walton
Financial Dynamics, London
T: (44) 20 7269 7100
Christine Wood / Queenie Tsao
Financial Dynamics, Asia
T: (852) 3716 9800
Notes to Editors:
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end
investment company that was admitted to trading on the AIM Market of the London
Stock Exchange in November 2007. PACL is focused on investing in a portfolio of
existing properties, new developments, distressed projects and real estate
companies in Greater China.
For more information about PACL, please visit: www.pacl-fund.com
Pacific Alliance China Land Limited is a member of Pacific Alliance Group
("PAG"), one of the leading Asian alternative investment managers. Founded in
2002, PAG manages funds covering private equity, real estate, hedge fund and
distressed investments and has offices across Asia including Hong Kong,
Shanghai, Beijing and Tokyo.
For more information about Pacific Alliance, please visit
www.pacific-alliance.com
[HUG#1443330]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pacific Alliance China Land Limited via Thomson Reuters ONE
Datum: 09.09.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 41824
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Town:
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Kategorie:
Business News
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"USD22m Investment in Project in Third Tier City"
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