2 Dec 2016 13:07
2 December 2016
Pacific Alliance China Land Limited
Realisation of Project Auspice
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 realized its entire interest in Project Auspice. The investee (Dalian Wanda Commercial Properties Co., Ltd., or "Wanda"), is one of China's largest property developers focusing on integrated mixed-use development and operation management of commercial properties throughout the PRC.
In 2009, PACL invested RMB 153 million (approximately equal to USD 22.4 million at the time) to purchase an indirect interest in shares of Wanda held through a PRC joint venture company (the "PRC JV"). Today, PACL realized its entire interest in the investment through the PRC JV's sale of all Wanda shares indirectly owned by PACL to a third party for corresponding gross cash proceeds of RMB 816.7 million (approximately equal to USD 118.7 million), representing a net IRR of 15.2% and a net cash multiple of 3.83x on PACL's initial investment.
The USD proceeds of the realization will be distributed to shareholders through a future mandatory share repurchase, or another method to be determined by the Board, as soon as the necessary PRC tax clearance is received and the PRC regulatory repatriation process is completed, which is not expected to be until sometime in late 2018.
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 |
BROKER: Henry Freeman Liberum Capital Limited T: (44) 20 (0) 3100 2000www.liberum.com
| 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
PACL.L (PACL)