23rd Sep 2013 10:41
LONDON (Alliance News) - Japan Residential Investment Co Ltd Monday said it has drawn down the GBP33.23 million of debt refinancing loans from Mizuho Bank, Ltd. that it arranged last week, repaying its previous loan with the bank in the process.
It used some of the funds to complete the acquisition of G-FLAT, a 47-unit residential property located in Ota Ward, Tokyo.
The new loans carry a floating interest rate, currently 0.55% a year, and the rising to a 40 basis point premium over the 3-month yen TIBOR from October. The price under contract for G-Flat, excluding tax and other acquisition costs, is GBP9.15 million. The property was externally valued at GBP9.47 million and has an estimated prospective net operating yield of 5.1%.
Japan Residential's shares were up 0.7% at 66.74 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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