18th Aug 2014 08:03
LONDON (Alliance News) - Japan Residential Investment Co Ltd Monday said it has sold its 20 unit apartment building located in Toshima Ward, Tokyo to an unnamed buyer for JPY550 million, a 34.1% premium on its most recent valuation.
The company said the sale price under contract for Branche Kanamecho IV also presents a 42.1% premium over the amount paid for the property in January 2008.
This transaction is part of the Japan Residential capital rotation strategy where select non-core assets are sold and proceeds reallocated to the purchase of high quality assets with greater prospects for income and capital growth
The stock was quoted down 0.9% at 56.24 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
JRIC.L