1st Sep 2015 08:36
LONDON (Alliance News) - Japan Residential Investment Co Ltd on Tuesday said it has agreed the sale of Modulor Gakuenmae in Sapporo for JPY462.0 million, or around GBP2.5 million.
Japan Residential said the sale price for the property is at a 32% premium to the valuation of the property at the end of May.
The property is a 48-unit apartment building located in Sapporo's Toyohira Ward.
"The premium for this property is the highest achieved by the Fund to date for a regional asset sale," said Alec Menikoff, the managing director of Halifax Asset Management, the manager of the Japan Residential fund.
Shares in Japan Residential were up 1.3% to 56.6999 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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