27th Mar 2014 13:20
LONDON (Alliance News) - Japan Residential Investment Company Ltd Thursday said it has acquired from Asia Pacific Ltd the seventh and final property of a portfolio of residential apartment buildings, in a deal worth GBP11.9 million.
In February, the firm said it planned to acquire seven residential apartments in Tokyo for GBP55.3 million.
In conjunction with this acquisition, the company obtained a loan of GBP8.0 million, which has been extended by Japanese affiliates of US-based Prudential Financial Inc. The seven-ear loan has a fixed interest rate of 1.5% a year and a loan to value ratio of 64.6%.
Japan Residential said the lender is not affiliated in any manner with the UK-based Prudential PLC.
"With the successful completion of this transaction, the Fund has closed on a total GBP65 million in new acquisitions over the past three months," Chairman Raymond Apsey said in a statement.
The stock was trading at 61.00 pence Thursday morning, up 2.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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