April 7, 2011

JSM Indochina agrees Cambodia portfolio sale


JSM Indochina, the retail and residential property investor, has agreed to sell a portfolio of Cambodian properties for $33.65m.

The company, which invests in the main cities in south-east Asia, has sold the portfolio of land and buildings to Hong Kong Land.
The portfolio comprises:
  • The Colonial Mansion I (pictured): A block of 44 serviced apartments and 1,800 sq ft of retail located in near the US Embassy in Phnom Penh.
  • The Colonial Mansion II: The sister property to the Colonial Mansion I, a development which will comprise 63 serviced apartments in a nine-storey building.
  • The Embassy land: A development site in Phnom Penh near Central Market and the US Embassy that will comprise 328,000 sq ft of retail and 100 serviced apartments upon completion.
  • The Ounalom land: A site in the tourist district in Phnom Penh being developed into 220 room hotel with 17,000 sq ft of shops.
Following the deal JSM Indochina will have one asset left in Cambodia, a hotel development site at Siem Reap – home to world heritage site Angkor Wat. JSM said it is in talks with Hong Kong Land about a potential purchase of this site.

The company said it would distribute the profits received from the sale to shareholders, save for $2m which it will hold on to  in order to cover any liabilities that may arise from the deal.

Scott Verges, chairman of JSM Indochina, said: “The board is considering the options available to deal with the subsidiaries which currently hold the Cambodian Portfolio following completion of the transaction, whether by liquidation, disposal or other means the board may see fit, in accordance with the company’s investing policy and in order to return value to shareholders in the most efficient manner.”

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