5th Mar 2014 10:05
LONDON (Alliance News) - Japan Residential Investment Company Limited Wednesday said it has acquired six residential apartment buildings from an unnamed firm in a deal worth GBP43.6 million.
The company, which acquires residential property in Japan, had said last week that it plans to acquire seven residential apartments in Tokyo for GBP55.3 million from Asia Pacific Land Limited.
In addition to the deal announced Wednesday, Japan Residential said it has obtained debt financing in the form of a seven-year loan from Resona Bank Ltd for GBP32.4 million.
The loan has a floating interest rate of 0.56% a year, which is capped at 0.75%. It has also been collateralised by the portfolio, as well as two other recently acquired assets, Regalia Toritsudai Residence and East Village Sannomiya, for a loan-to-value (LTV) ratio of 61.5%.
Japan Residential said it will now have an LTV ratio of 60.1%, while gearing will be around 50.9%.
This refinancing reduces the weighted average interest rate of the company to 0.88% from 0.97% and increases the average maturity on loans outstanding to 4.5 years from 3.8 years, the firm added.
The stock was trading at 58.00 pence Wednesday, down 0.50 pence or 0.9%.
http://allapp.alliancenews.com/article?u=ecf1163762244426a82d1ba117ebb16b&a=1393585073829914600
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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