28th Feb 2014 11:30
LONDON (Alliance News) - Japan Residential Investment Company Ltd Friday said it plans to acquire seven residential apartments in Tokyo for GBP55.3 million from Asia Pacific Land Limited.
The company, which acquires residential property in Japan, said the transaction for six of the properties at GBP43.5 million is expected to be completed by March 5, with the seventh at GBP11.8 million on or around March 31.
The portfolio is valued at GBP55.7 million and consists of 419 rentable units and 15,077 square meters of leasable area. The weighted average age of the properties is 10.4 years, it said.
The stock was trading at 59.95 pence Friday morning, up 1.45 pence or 2.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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