Key Points
- The manager Saizen REIT wishes to announce the divestments of Alpha Shinonome and Rise Gofuku from the property portfolio of Yugen Kaisha (“YK”) Shintoku.
- YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Alpha Shinonome (“ASN”) to an independent private investor (the “ASN Buyer”) for a cash consideration of JPY 74,402,500 (S$1.1 million 1 ) (the “ASN Sale Price”). The divestment of ASN was completed on the same day upon the payment of the full amount of the ASN Sale Price by the ASN Buyer.
- ASN, located in Hiroshima, was built in December 1984 and comprises 27 residential units. It contributed about 0.2% (or approximately JPY 9.5 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
- YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Rise Gofuku (“RG”) to an independent private investor (the “RG Buyer”) for a cash consideration of JPY 234,780,942 (S$3.6 million) (the “RG Sale Price”).
- The divestment of RG was completed on the same day upon the payment of the full amount of the RG Sale Price by the RG Buyer.
- RG, located in Kumamoto, was built in April 2006 and comprises 34 residential units, 1 commercial unit and 2 car parking units. It contributed about 0.6% (or approximately JPY 26.3 million) of Saizen REIT’s annual revenue in the FY2010.
- Given the small sizes of ASN and RG relative to the entire portfolio of Saizen REIT, the Current Divestments are not expected to have any material impact on the financial position of Saizen REIT.
- Saizen divests Studio City from the YK Shingen portfolio
- Saizen divests Art Side Terrace and KN 21 Shiragane
- Saizen divests Escort South 11
- Saizen Reit Divests of Club House Kikugaoka
- Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama
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