Starhill Global REIT (SGX:P40U) completed the sale of its Ebisu Fort retail and office building in Tokyo for 6.2 billion yen.

The deal price shows a 53.8% premium to its latest valuation, according to a Friday filing with the Singaporean bourse.

The seven-storey property, with 18,816 square feet of net lettable area, was valued at 4.03 billion yuan as of June 30.

The divestment is part of the REIT's portfolio rebalancing and capital recycling strategy and marks its exit from Japan.

Net proceeds will be used to repay yen borrowings, for working capital and/or other purposes, it said.