1st Oct 2015 07:00
1 October 2015
Japan Residential Investment Company Limited
(the "Company")
Completion of Portfolio Asset Sale - Modulor Gakuenmae
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey incorporated 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 today completed the sale, as scheduled, of Modulor Gakuenmae - a 48 unit apartment building located in Toyohira Ward, Sapporo. The sale contract was announced by the Company on 1 September 2015.
The sale price of ¥462 million (£2.5 million) excluding taxes and sales costs represents a 32.4% premium over the asset's latest independent, external valuation of ¥349 million (£1.9 million) as at 31 May 2015, and an initial net yield of 4.9% for the purchaser.
Note: Sterling denominated values are based on an exchange rate of ¥181.77/£.
Enquiries
KK Halifax Management Limited Manager
| Edward Barrow | +66 2656 0881 |
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 |
Jefferies Hoare Govett Joint Broker
| Max Jones
| +44 (0)20 7029 8000 |
Liberum Capital Limited Joint Broker | Richard Bootle | +44 (0)20 3100 2222 |
Related Shares:
JRIC.L