Itacare Capital Investments Ltd Tr Praias moves closer to Preliminary Licence (9602B)
April 10 2013 - 1:00AM
UK Regulatory
TIDMITA
RNS Number : 9602B
Itacare Capital Investments Ltd
10 April 2013
Date: 10 April 2013
On behalf of: Itacaré Capital Investments Ltd ("Itacaré"
or "the Company")
Embargoed until: 0700hrs
Itacaré Capital Investments Ltd
Três Praias project moves closer to Preliminary Licence
The Board of Itacaré Capital Investments, the real estate
investment company focused on residential projects in Brazil, is
pleased to announce that the Três Praias development ("Três Praias"
or the "Project") situated in the state of Espirito Santo, Brazil,
has received confirmation from the Institute of Natural Heritage
("IPHAN") that the Project's archaeological studies satisfy their
requirements for the issuance of the Preliminary Licence. The
Preliminary Licence is the first key authorisation that is required
to initiate marketing of the property. This is followed by the
Installation Licence and the Construction Licence, which permit the
registration of the property, confirmation of sales and start of
construction. The archaeological approval is a key value-creating
step in obtaining the Preliminary Licence.
Três Praias is the Company's largest project accounting for 40%
of the reported NAV and entirely targeted at Brazilian buyers. The
Preliminary Licence to be issued is for the entire property, which
encompasses the Phase 1 sold to Brookfield and the remaining 90% of
the development which is owned outright by the Company.
Based on current processing timeframes by the government
agencies, it is expected that the Preliminary Licence will be
issued by the end of the current quarter, which could lead to an
increase of 5-7% in the Project's NAV in the next reporting period,
and that construction will be initiated in H2 2013 as previously
reported.
For further information:
Itacaré Capital Investments Tel: +44 (0)20 3640
Chairman, Michael St. Aldwyn 5976
Itacaré Capital Partners Tel: +55 11 2678 0800
Investment Manager, Pedro de Miranda
Duet Private Equity Tel: +44 (0)20 8959
Investment Advisor, David Mattey 8534
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
Fesnome 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
END
MSCZMGGDVLLGFZM
Itacare Capital (LSE:ITA)
Historical Stock Chart
From May 2024 to Jun 2024
Itacare Capital (LSE:ITA)
Historical Stock Chart
From Jun 2023 to Jun 2024
