Key Points
- The manager Saizen REIT is pleased to announce that the loan of YK Shintoku had been fully repaid on 31 May 2011.
- Following the completion of the Repayment and the cancellation of the mortgage over YK Shintoku’s property portfolio, YK Shintoku’s portfolio of 27 properties which is valued at approximately JPY 4.3 billion1 (S$65.6 million) will become unencumbered.
- Together with the property portfolios of YK Keizan, YK Shingen and GK Chosei, the total value of Saizen REIT’s unencumbered properties will amount to approximately JPY 14.9 billion (S$227.5 million).
- After the Repayment, Saizen REIT’s borrowings comprise five loans amounting to approximately JPY 9.0 billion (S$137.4 million), with the nearest loan maturity due in June 2013.
- Saizen REIT’s gearing after the Repayment is approximately 24%.
The term "unencumbered" here means that the properties are not currently under any mortgage agreements, or are being used as collateral for loans.
Related Posts
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- 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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