Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama

Divestment of Johnan Building III and Wealth Meinohama:

• Press Release for Divestment of Johnan Building III
• Press Release for Divestment of Wealth Meinohama

Key Points on Divestment of Johnan Building III

• Entered into a sale and purchase agreement for the divestment of Johnan Building III (“JB3”) to an independent private investor (the “JB3 Buyer”) for a cash consideration of JPY 312,577,516 (S$4.9 million 1 ) (the “JB3 Sale Price”). 
• The divestment of JB3 was completed on the same day upon the payment of the full amount of the JB3 Sale Price by the JB3 Buyer. 
• JB3, located in Fukuoka, was built in June 1983 and comprises 24 residential units, 6 commercial units and 21 car parking units. It contributed about 0.9% (or approximately JPY 35.9 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of JB3 relative to the entire portfolio of Saizen REIT, the Current Divestment is not expected to have any material impact on the financial position of Saizen REIT.

Key Points on Divestment of Wealth Meinohama  

• Further to announcement on 14 March 2011, the manager of Saizen REIT is pleased to announce that the divestment of Wealth Meinohama was completed on 23 March 2011.
• WM’s sale price of JPY 59,500,000 (S$0.9 million) was paid in full on 23 March 2011.

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