Agreement for Sale of Land & Joint Venture

RNS Number : 1350Y

Symphony International Holdings Ltd

30 December 2019

 

 Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Symphony International Holdings Limited ("Symphony")

30 December 2019

Agreement for Sale of Land and Joint Venture in Niseko

Symphony International Holdings Limited (LSE: SIHL) is pleased to announce that further to the announcement on 30 August 2019 in regards to a letter of intent for the partial sale of land in Niseko, the Niseko Property Joint Venture ("NPJV") that Symphony holds a 37.5% interest in has entered into binding agreements. NPJV has agreed a partial sale of land and a new joint venture to co-develop another part of the land with the Hanwha Hotels & Resorts ("Hanwha").

As part of the agreements, NPJV will sell approximately 31% of the development site to Hanwha with a further 39% to be sold to a new joint venture company that will be held equally by NPJV and Hanwha.

The contemplated transactions are scheduled to close at the beginning of April 2020. NPJV will retain the residual 30% of the development land site for future development or sale. Each part of the development land site has ski-in and ski-out access -and will be developed independently under separate company participation structures.

NPJV's development land site was acquired in stages between 2011 and 2012 and is located in the Hirafu area of Niseko that attracts visitors all-year-round. The agreed sale price implies a premium to the fair value that Symphony held its interest at 30 September 2019.

Anil Thadani, Chairman of Symphony Asia Holdings Pte. Ltd. and a Director of Symphony, said:

"The realisation of part of our investment in Niseko reaffirms our investment thesis on growing demand for luxury real estate in Asia. Hanwha brings extensive property development experience to the new joint venture, which will allow us to unlock further value in the coming years"

For further information:

Symphony Asia Holdings Pte. Ltd.    [phone]

Anil Thadani 

Rajgopal Rajkumar

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.

The LEI number of the Company is 254900MQE84GV5DS6F03.

About Symphony

Symphony International Holdings Limited (LSE:SIHL) is a London listed strategic investment company that invests in consumer related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics and education sectors predominantly in Asia. It offers a way for investors to gain exposure to rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and form long-term business partnerships with talented entrepreneurs and management teams. Symphony's investment team has a broad range of expertise - many of its professionals have been working in Asia for more than 30 years. For more information please visit our website at www.symphonyasia.com. 

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd.

End of Announcement

 

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