26 Nov 2014 07:00
26 November 2014
Pacific Alliance China Land Limited
Investment Realisation: Project Crystal
Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL), today announced that it has completed the sale of its 4.6 percent interest in Forterra Trust, a Singapore business trust listed on Singapore Exchange Securities Trading Limited (Project Crystal). PACL will receive cash proceeds of SGD26.4 million (USD equivalent of 20.3 million), representing a gross IRR of 20.9 percent (or a 1.48x gross cash multiple) and a premium of USD5.7 million over PACL's most recent valuation.
The realization proceeds will be distributed through a future share repurchase or another method to be determined by the Board.
For further information please contact:
MANAGER: Patrick Boot, Managing Partner Pacific Alliance Real Estate Limited T: (852) 2918 0088 pboot@pagasia.com
| LEGAL COUNSEL: Jon Lewis, Group General Counsel PAG T: (852) 2918 0088 jlewis@pagasia.com |
BROKER: Hiroshi Funaki LCF Edmond de Rothschild Securities Tel: (44) 20 7845 5960 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP Tel: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
MEDIA RELATIONS: Stephanie Barry PAG T: (852) 3719 3375 sbarry@pagasia.com | |
Notes to Editors:
About Pacific Alliance China Land:
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company focused on investing in a portfolio of existing properties, new developments, distressed projects and real estate companies in Greater China. PACL was admitted to trading on the AIM Market of the London Stock Exchange in November 2007.
For more information about PACL, please visit: www.pacl-fund.com
Pacific Alliance China Land Limited is managed by a member of PAG (formerly known as Pacific Alliance Group), the Asian alternative investment fund management group. Founded in 2002, PAG is now one of the region's largest Asia-focused alternative investment managers, with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG has a presence across Asia with over 330 staff working in the region.
For more information about PAG, please visit: www.pagasia.com