US$56 Million Investment in Beijing Serviced Apartment Building
(Thomson Reuters ONE) - 23 October 2009 Pacific Alliance China Land Limited US$56 Million Investment in Beijing Serviced Apartment BuildingPacific Alliance China Land Limited ('PACL'), the closed-endinvestment company admitted to trading on AIM and focused oninvesting in a portfolio of investments in existing properties, newdevelopments, distressed projects and real estate companies inGreater China, today announced that it has committed to invest US$56million to acquire a large minority interest in GCREF AcquisitionsXIX Limited, a company that will indirectly own 100% of a prestigiousserviced apartment building catering to expatriates who work forsubsidiaries of various global multinational corporations in Beijing,with a joint venture partner. The building is located in a primearea of Beijing's central business district and is considered ahighly desirable inner city address by local residents.The investment will be funded over the next 30 days with acombination of cash and bank financing or all cash at closing andwill result in a temporary variance from PACL's stated investmentpolicy that individual investments should not exceed 20% of thefund's gross asset value ("GAV"). PACL anticipates this investmentwill fall below 20% of the fund's GAV within the next 3-6 months asrefinancing is obtained for the project. The Board of Directors hasapproved this variance due to its temporary nature and the overallquality of the investment.In 2008, despite poor market conditions the property was able togenerate an EBITDA of RMB 56 million and the property is expected togenerate attractive returns over time with the firming of Beijing'sreal estate marketOver the next three years PACL and its joint venture partner in thisproject will upgrade the building facilities and services to enhancethe value of the property. "In Beijing, inner-city luxury apartments are becoming a scarcecommodity reflecting the increasing prosperity of Beijing and thelimited amount of land available for development in Beijing's centralbusiness district. I believe that PACL will be generously rewarded inthis investment as the Beijing market embarks on another upwardcycle," commented Patrick Boot, Managing Director of PACL'sinvestment manager, Pacific Alliance Real Estate Limited.For further information please contact:+-------------------------------------------------------------------+| MANAGER: | LEGAL COUNSEL: || Chris Gradel, Managing Partner | Jon Lewis, General Counsel || Pacific Alliance Group | Pacific Alliance Group || 16/F, St. John's Building | 16/F St. John's Building || 33 Garden Road | 33 Garden Road || Central, Hong Kong | Central, Hong Kong || Tel: (852) 29180088 | Tel: (852) 29180088 || Fax: (852) 29180881 | Fax: (852) 29180881 || cgradel(at)pacific-alliance.com | jlewis(at)pacific-alliance.com || | ||--------------------------------+----------------------------------|| BROKER: | NOMINATED ADVISER: || Hiroshi Funaki | Philip Secrett || LCF Edmond de Rothschild | Grant Thornton UK LLP || Securities | Tel: (44) 20 7383 5100 || Tel: (44) 20 7845 5960 | Philip.J.Secrett(at)gtuk.com || Fax: (44) 20 7845 5961 | || funds(at)lcfr.co.uk | || | ||--------------------------------+----------------------------------|| MEDIA RELATIONS: | MEDIA RELATIONS: || Sophie Hoggarth | Financial Dynamics, London || Pacific Alliance Group | Andrew Walton/David Cranmer || Tel: (86) 21 62883788 | Tel: (44) 207 269 7217 || shoggarth(at)pacific-alliance.com | || | Financial Dynamics, Asia || | Alastair Hetherington/Christine || | Wood || | Tel: (852) 3716 9800 || | |+-------------------------------------------------------------------+Notes to editors:Pacific Alliance China Land Limited ('PACL') (AIM: PACL) is aclosed-end investment company with net assets of US$172 million at 30September 2009. PACL was admitted to trading on the AIM Market of theLondon Stock Exchange in November 2007. PACL is focused on investingin a portfolio of existing properties, new developments, distressedprojects and real estate companies in Greater China.For more information about PACL, please visit: www.pacl-fund.comPacific Alliance China Land is a member of Pacific Alliance Group,the Asian alternative investment fund management group. For moreinformation about Pacific Alliance Group, please visit:www.pacific-alliance.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.10.2009 - 17:22 Uhr
Sprache: Deutsch
News-ID 7366
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