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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Itacare Capital | LSE:ITA | London | Ordinary Share | VGG497051091 | COM SHS USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.27 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMITA
RNS Number : 5676I
Itacare Capital Investments Ltd
04 July 2013
Date: 4 July 2013 On behalf of: Itacaré Capital Investments Ltd ("Itacaré" or "the Company") Embargoed until: 0700hrs
Itacaré Capital Investments Ltd
New investor in Trancoso project
The Board of Itacaré Capital Investments, the real estate investment company focused on residential projects in Brazil, is pleased to announce that a Brazilian pension fund has signed as a new investor in the Company's Trancoso project in Bahia.
The Company will set up a local REIT that complies with the legal requirements for pension funds and contribute R$50 million in shares from the Trancoso SPV (out of a current December 2012 valuation of R$140.8 million) while the new investor will contribute R$15 million in cash (approximately $7 million). The transaction values the Trancoso SPV at the the December 2012 valuation of R$140.8 million ($68.8 million). As a result, the new investor will control approximately 10% of the Project SPV and the holding company that Itacaré currently owns 50:50 with other investors will own the remaining 90%, thus resulting in a project ownership of 45% for Itacaré. It is intended that this cash will be used primarily to fund marketing of the villas at Trancoso, site preparation, infrastructure and other pre-construction costs
Commenting on the new investor, Michael St. Aldwyn, Chairman of Itacaré, said:
"Local government regulations have changed allowing Brazilian pension funds to invest a greater portion of their assets in private equity and real estate. The Investment Manager has been working for the past two years to establish relationships with pension funds in Brazil to tap this alternative source of capital, given the large discount to book value of our shares. We believe local institutional investors offer an attractive alternative source of funding for projects and may also ultimately help to generate exits."
For further information:
Itacaré Capital Investments Tel: +44 (0)20 3640 Chairman, Michael St. Aldwyn 5976 Itacaré Capital Partners Investment Manager, Pedro de Miranda Tel: +55 11 2678 0800 Cenkos Securities Tel: +44 (0)20 7397 Stephen Keys, Adrian Hargrave (Nominated 8962 adviser) Russell Kerr, Alex Aylen (Sales) Redleaf Polhill Tel: +44 (0)20 7382 Emma Kane, Henry Columbine, Hannah 4720 Fensome E: itacare@redleafpr.com
Notes to Editors:
-- Itacaré Capital Investments Limited is a real estate investment company focused on tourism-real estate developments in Brazil. The Company acquires large parcels of land at strategic locations that can be developed and sold to end users with the intention of achieving a minimum IRR of 25 per cent.
-- The Company invests in projects at an early development stage or in strategic land sites that can be acquired at a discount to open market value at current usage.
-- Itacaré Capital focuses on beachfront parcels with particular geographic characteristics that maximise sea views and reduce the need for expensive landscaping thus translating into higher margin.
-- Itacaré Capital either recruits or looks to partner with local developers to maximise the value of its land investments.
-- Itacaré Capital aims to create a development that is better than the best quality development in the local area in order to achieve maximum pricing power.
-- Itacaré Capital focuses on high quality residential developments that typically include a number of holiday or second home units, luxury hotels and leisure components. Approximately 70% of our portfolio is targeted to domestic buyers.
-- Further information is available at www.itacarecapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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