Saizen divests Art Side Terrace and KN 21 Shiragane

Saizen divests Art Side Terrace and KN 21 Shiragane:

• Press Release

Key Points

• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement for the divestment of Art Side Terrace (“AST”) to an independent private investor (the “AST Buyer”) for a cash consideration of JPY 416,745,000 (S$6.3 million 1 ) (the “AST Sale Price”). 
• The divestment of AST was completed on the same day upon the payment of the full amount of the AST Sale Price by the AST Buyer.
• AST, located in Sapporo, was built in February 1986 and comprises 61 residential units, 2 commercial units and 22 car parking units. 
• It contributed about 1.2% (or approximately JPY 49.3 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement (the “KN Agreement”) for the divestment of KN 21 Shiragane (“KN”) to an independent private investor (the “KN Buyer”) for a cash consideration of JPY 213,164,000 (S$3.2 million) (the “KN Sale Price”). 
• The divestment of KN was completed on the same day upon the payment of the full amount of the KN Sale Price by the KN Buyer.
• KN, located in Kitakyushu, was built in March 2000 and comprises 31 residential units, 1 commercial unit and 27 car parking units. 
• It contributed about 0.5% (or approximately JPY 22.1 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small sizes of AST and KN 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.

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