9 Sep 2015 14:15
9 September 2015
Pacific Alliance China Land Limited
Shanghai Land Transaction
Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the closed-end investment company admitted to trading on AIM, is pleased to announce that it has completed the listing and auction process with the Shanghai United Asset and Equity Exchange to sell its minority stake in a large parcel of land in Shanghai which is near to the future Disneyland location ("Project Malls - Shanghai Land"). The sale is expected to close by the end of September 2015, at which time PACL will receive gross cash proceeds of RMB105 million (equivalent to USD16.4 million), representing a 2.3x net cash multiple on the initial investment.
The realization proceeds of the Shanghai Land exit will be repatriated and distributed to shareholders through a future mandatory share repurchase, or another method to be determined by the Board, after the realization of Project Malls' remaining non-core strategic asset, a minority stake in Wal-mart China's retail business, which is expected to occur during the first half of 2016.
For further information please contact:
MANAGER: Patrick Boot, Managing Partner Pacific Alliance Real Estate Limited 15/F, AIA Central 1 Connaught Road Central, Hong Kong T: (852) 2918 0088 F: (852) 2918 0881 pboot@pagasia.com
| LEGAL COUNSEL: Jon Lewis, General Counsel PAG 15/F, AIA Central 1 Connaught Road Central, Hong Kong T: (852) 2918 0088 F: (852) 2918 0881 jlewis@pagasia.com |
FINANCIAL ADVISER AND BROKER: Hiroshi Funaki Edmond de Rothschild Securities T: (44) 20 7845 5960 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP T: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
About Pacific Alliance China Land Limited
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company 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 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 300 staff working in the region.
For more information about PAG, please visit: www.pagasia.com