8th Jul 2015 08:08
LONDON (Alliance News) - Japan Residential Investment Co Ltd on Wednesday said it has acquire a new apartment complex in Tokyo for JPY488 million, or around GBP2.5 million.
The residential property investor said it has acquired the Minamisuna 7 Chome Building, a seven-storey apartment complex located in the Koto Ward.
The purchase price reflects a net operating yield of 4.7%, it said.
In addition, the company said it has secured a new debt funding deal for JPY318 million, or GBP1.7 million, from affiliate of Prudential Financial Inc.
"Today's acquisition further demonstrates our ability to rotate capital out of non-core assets and into new acquisitions in a way that enhances overall portfolio quality and shareholder value," said Alec Menikoff, managing director of the fund's manager, Halifax Asset Management.
Shares in Japan Residential were up 0.6% to 56.72 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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