30th Jan 2014 16:02
LONDON (Alliance News) - Japan Residential Investment Company Ltd Thursday said it has bought a new property for about GBP4.1 million.
In a statement, the investor, which acquires residential property in Japan, said it has acquired the Regalia Toritsudai Residence for about GBP4.1 million, excluding tax and other acquisition costs.
"The property has an estimated prospective net operating yield of 5.1% against the purchase price," Japan Residential said in a statement.
Managing Director Alec Menikoff said the acquisition adds "quality" to the portfolio.
"The fund's investment adviser continues to progress a strong pipeline of quality residential assets with a view toward achieving full investment of the recent capital raise proceeds in the near term," Menikoff said in a statement.
It was externally valued at about the same price Japan Residential paid for it.
Japan Residential shares were Thursday quoted at 57.50 pence, down 2.25 pence, or 3.8%.
By Samuel Agini; [email protected]; @samuelagini
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