30th Mar 2007 14:37
Japan Residential Inv. Co. Ltd30 March 2007 Japan Residential Investment Company Limited - Notice of Investment Activity Japan Residential Investment Company (the "Company") is a closed-ended Guernseyregistered company established to make and hold investments in residentialproperty in Japan. In October 2006 the Company raised £100 million (beforeexpenses) in conjunction with an application to have its entire issued sharecapital admitted to trading on AIM ("Admission"). The purpose of thisannouncement is to update investors on the progress made to date in terms ofinvesting the money raised at the time of Admission. The Company is pleased to announce that it has completed the purchase of 14properties in Tokyo, Yokohama, Nagoya, Sapporo, Osaka and Sendai with a value ofapproximately £62.6 million. Furthermore, the Company has entered intocontracts to acquire a further 8 properties with a value of approximately £17.9million. These properties are based in Tokyo, Nagoya, Kobe, Koshigaya andHiroshima. In addition, agreement has been reached with sellers on the commercial terms,subject to completion of due diligence, in respect of 6 further properties, witha value of approximately £14.7 million, located in Yokohama, Osaka, Nagoya andFunabashi. Each of the properties is made up of a number of individual residential unitsdetails of which are set out below. All of these properties have been purchased on expected stabilised net yields ofbetween 4.0% to 6.5%. The Investment Adviser, KK Halifax Asset Management believes that the Companywill be fully invested within 12 to 18 months of Admission. Summary No. of Units Net Rentable Total acquisition price properties Area (sq m) Completed 14 690 20,512.22 JPY 14.44 billionContracted 8 319 11,059.33 JPY 4.14 billionLetters of Agreement 6 246 7,271.46 JPY 3.39 billionTotal 28 1,255 38,843.01 JPY 21.96 billionGBP approximate equivalent GBP 95.3 million Exchange Rate applied: JPY 230.480 = GBP 1.00 as at 30 March 2007. Enquiries: K.K. Halifax Asset Management Alec Menikoff +81 3 5860 7408Fairfax I.S. PLC John Korwin-Szymanowski 020 7460 4376 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JRIC.L