Property joint venture in Desaru, Malaysia

Symphony has invested in a joint venture with an affiliate of Themed Attractions Resorts & Hotels Sdn Bhd, an investment subsidiary of Khazanah Nasional Berhad, the investment arm of the Government of Malaysia. The joint venture will develop a resort that will comprise a beach-front country club and villas next to two championship golf courses on the south-east coast of Malaysia. Our 49% interest in the venture will enable us to capitalise on the increasing demand in the Asia-Pacific region for luxury real estate, and will also diversify our current investment portfolio.