11th Oct 2013 07:45
LONDON (Alliance News) - Japan Residential Investment Company Ltd Friday said it has sold its Cradle Uemachi II apartment building in Osaka for GBP2 million, or JPY307.6 million.
The Japanese residential property investment company said the sale of the 25 unit apartment block in Chuo Ward represents a 26.1% premium over the property's last valuation of JPY244 million, or GBP1.6 million, as at May 31.
The sale price excludes taxes and sales costs.
"Market conditions in Osaka and other regional areas of Japan continue to improve as demonstrated by this sale at a substantial premium to appraisal value," Halifax Asset Management Managing Director Alec Menikoff said.
The fund has now sold four assets in the year-to-date for JPY1.61 billion, or GBP10.3 million, representing a 24.5% premium to appraisal value. The sales are part of the fund's rotation strategy.
By Steve McGrath; [email protected]; @SteveMcGrath1
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