Symphony Sells PREIT, Trims MINT

Symphony International Holdings Limited (SIHL) recently announced it completed an exit from its investment in Parkway Life Real Estate Investment Trust (“PREIT”) and made a partial exit from its investment in Minor International Pcl (“MINT”). In both cases, they were able to take advantage of higher market prices in 2017 for the shares of PREIT and MINT.

Some details included below (see the filing for more):

  • The PREIT stake was initially acquired in August 2007 (in the IPO), followed by a subsequent investment in February 2012. In total, SIHL had a 6.36% stake in the company, acquired at a cost of US$33.8m. The sale in September 2017 generated total proceeds of US$70.3m. SIHL also received dividend income of US$26.8m since making the initial investment. The annualised return and multiple on invested capital (including dividends) was 14.4% and 2.9x respectively.
  • SIHL also made a partial exit of their shares and warrants held in MINT. Their total cost of investment in MINT was US$74.0m (an approximately 8.25% stake in the company). They sold 76.6m shares and 16.6m warrants during the year to date in 2017, generating net proceeds of US$92.8m. Following the sale, their remaining stake in MINT was approximately 5.8%. The annualised return and multiple on invested capital (including dividends) on the partial stake sale was 19.0% and 5.0x respectively.