11th Apr 2013 11:04
11 April 2013
Japan Residential Investment Company Limited
(the "Company")
Sale of Property - Branche Koenji
The Company announces the sale of Branche Koenji for ¥350 million (£2.3 million), a 21.5% premium to the latest valuation.
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 has contracted today for the sale of Branche Koenji - a 14 unit apartment building located in Nakano Ward, Tokyo. Completion is scheduled for 25 April 2013.
The sale price of ¥350 million (£2.3 million) excluding taxes and sales costs represents a 21.5% premium over the asset's latest valuation on 30 November 2012, and an initial net yield of 4.3% for the purchaser. The Fund aims to rotate capital from its smaller, non-core assets into larger, high quality assets for increased operating efficiency, higher yield and greater prospects for capital appreciation.
Alec Menikoff, Managing Director, Halifax Asset Management said, "Liquidity at this price level is underpinned by strong demand from private individuals for income generating properties in Tokyo."
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