Acquisition of a Second Adjacent Property in Japan

RNS Number : 3944A

Symphony International Holdings Ltd

30 March 2012

 



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

30 March 2012

Symphony International Holdings Limited

Acquisition of a Second Adjacent Property in Japan

Symphony International Holdings Limited (LSE: SIHL or "Symphony"), the London listed investor in fast growing Asian consumer businesses, today announces the completion of the purchase of a second property adjacent to the site earlier acquired in Niseko, Japan. The acquisition was done through the property development joint-venture in which Symphony already has a 37.5% shareholding. This acquisition enables the joint-venture to consolidate its land holding at what is the most prime site in the Hirafu ski area of Niseko. Symphony's 37.5% share of the total consideration for the property purchased was less than 2% of Symphony's NAV at 31 December 2011.

The properties, on which the J-First and Kogen hotels currently stand, are favourably situated in upper Niseko Hirafu Village, with ski-in and ski-out access for any development, which would also enjoy unobstructed views of Mount Yotei. The total site area of the two properties comprises over two hectares of land with unparalleled access to ski lifts within the Hirafu Village-area. Symphony and its partners in this venture are now preparing the plans to redevelop these sites into an upmarket ski-resort development.

Anil Thadani, the Chairman of Symphony's investment manager, said: "Niseko is an attractive and increasingly popular resort destination with convenient flight connections to most Asian capital cities.  It offers a variety of year round outdoor activities and already boasts superb food and après-ski entertainment. With the growing affluence in Asia and the changing lifestyles of the younger set, we see demand for properties in locations such as Niseko only increasing in the coming years."

Niseko is an internationally renowned winter sports destination that receives consistently good powder snowfall and is known for its long ski seasons, which can last over six months. During the most recent ski season, Niseko received over 17 meters of snowfall surpassing almost all ski resorts in the world. Niseko is highly accessible, particularly from Asian destinations, and is becoming increasingly known for all-year-round activities and as a premium vacation destination.

Niseko continues to see strong growth in tourist arrivals, particularly from Asian countries, where there are few alternative destinations for skiing and where it is becoming a desirable holiday choice for a growing middle and upper class. During the main 2011 / 2012 ski season (November through January), Niseko saw double-digit growth in arrivals from China, Hong Kong, South Korea and Taiwan. We expect arrivals will continue to increase in the coming years and will transform Niseko into one of the pre-eminent holiday destinations in Asia.

For further information, please contact:

FTI Consulting	[phone]/ 7175
Neil Doyle/ Tom Willetts

About Symphony International Holdings

Symphony International Holdings (LSE:SIHL) is a London listed strategic investment company that invests in hospitality, healthcare and lifestyle businesses and develops luxury branded real estate 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 25 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.

End of Announcement

 

END

 

 

ACQMMGZFKLZGZZM