JZ Capital Ptnrs Ltd Real Estate Valuations

 
TIDMJZCP TIDMJZCN 
 
JZ CAPITAL PARTNERS LIMITED 
(a closed-end collective investment scheme incorporated with limited liability 
           under the laws of Guernsey with registered number 48761) 
 
                           LEI: 549300TZCK08Q16HHU44 
 
                            Real Estate Valuations 
 
 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET 
                      ABUSE REGULATION (EU) NO. 596/2014. 
 
10 February 2020 
 
JZ Capital Partners Limited ("JZCP" or the "Company"), the London listed fund 
that invests in US and European micro-cap companies and US real estate, 
announces that it has begun receiving preliminary appraisals for its real 
estate portfolio assets for the valuation period as of February 29, 2020. In 
line with the Company's previously announced expectation in its interim 
results, released on November 27, 2019, certain newly received appraisals 
represent materially lower valuations. 
 
Although the Company has not received all of its annual appraisals as of this 
announcement, the Fulton Mall and Design District appraisals indicate that JZCP 
will likely experience a write-down of its real estate net asset value of 
approximately $102 million from its December 31, 2019 net asset value. 
Including three other newly received appraisals, which in total represent an 
additional approximately $6.0 million write-down, the Company expects to take a 
provision of approximately $108 million in its January 31, 2019 net asset 
value, subject to receiving additional appraisals in the coming two weeks. This 
provision is in addition to the write-downs previously taken and announced of 
$62 and $18 million regarding the Company's investments in Design District and 
Greenpoint, respectively. As a consequence of these newly received appraisals, 
the Company's investments in Fulton Mall and Design District will be written 
down to nil. 
 
As stated above, the valuation process as of February 29, 2020 is unfinished, 
and the Company has yet to receive several appraisals from properties which 
represent a significant portion of JZCP's net asset value. The Company will 
issue further reports regarding the updated valuations of these properties as 
necessary. 
 
As previously announced, the Investment Adviser continues to look to realise 
value from the investment portfolio in order to pay down the Company's debt, in 
the first order, and make capital distributions to shareholders. 
 
Enquiries: 
 
Company website:         www.jzcp.com 
 
This announcement is issued on behalf of the Company by Sam Walden of Northern 
Trust International Fund Administration Services (Guernsey) Limited 
Email:   jzcp@ntrs.com 
 
 
 
END

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February 10, 2020 02:00 ET (07:00 GMT)

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