8th Apr 2013 16:17
8 April 2013
Japan Residential Investment Company Limited
("the Company")
Completion of Portfolio Asset Sale - Branche Kugayama
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund".
The Fund completed the sale today as scheduled of Branche Kugayama - a 24 unit apartment building located in Suginami Ward, Tokyo. The sale contract was announced by the Company on 2 April 2013.
The sale price of ¥580 million (£3.8 million) excluding taxes and sales costs represents a 19.3% premium over the asset's latest valuation on 30 November 2012, and an initial net yield of 4.4% for the purchaser.
Enquiries:
KK Halifax Management Limited Manager
| Edward Barrow | +65 6593 8904 |
KK Halifax Asset Management Investment Adviser
| Alec Menikoff | +81 (0)3 5563 8771 |
Smith & Williamson Corporate Finance Limited Nominated Adviser
| Azhic Basirov David Jones | +44 (0)20 7131 4000 |
Liberum Capital Limited Joint Broker
| Richard Bootle | +44 (0)20 3100 2222 |
Westhouse Securities Limited Joint Broker
| Alastair Moreton Darren Vickers | +44 (0)20 7601 6100 |
Related Shares:
JRIC.L