1st Oct 2009 14:19
1 October 2009
Japan Residential Investment Company Limited ("the Company")
Notice Concerning the Sale of Asset: Alpha Regalo Kamisawa
Japan Residential Investment Company Limited is a closed-ended Guernsey registered company. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund". The Fund was established to make, manage, and hold investments in residential property in Japan.
The Company announces the sale of the Alpha Regalo Kamisawa property located in Kobe. This sale was executed on 30 September 2009. The price paid, in cash, excluding tax and other acquisition or sale costs was ¥450 million (£3.14 million) representing an initial net yield of 6.9%. This property was externally appraised at ¥521 million (£3.63 million) as at 31 August 2009.
The sale is part of a strategy to reduce non-core asset holdings when this can be achieved at acceptable price levels. Since the property was held without debt, sales proceeds will directly increase the Fund's cash position. This sale increases options available to the Fund in light of upcoming debt refinancing events.
Note: £ denominated values are based on an exchange rate of ¥143.272/£, the prevailing exchange rate as at 30 September 2009.
Enquiries
|
K.K. Halifax Asset Management |
Alec Menikoff |
+81 (0)3 5563 8771 |
|
Fairfax I.S. PLC |
John Korwin-Szymanowski |
+44 (0)20 7460 4376 |
|
Smith & Williamson Corporate Finance Limited |
Azhic Basirov |
+44 (0)20 7131 4000 |
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