Advance Residence Investment to Acquire Sakura-shimmachi Property for 1.6 Billion Yen
MT Newswires Live
Aug 26
Advance Residence Investment (TYO:3269) said it will acquire RESIDIA Sakura-shimmachi in Tokyo for 1.6 billion yen and sell RESIDIA Tenjinbashi in Osaka, Japan, for 1.23 billion yen as part of asset repositioning to enhance portfolio competitiveness.
The transactions are scheduled for Sept. 30, with the acquisition to be funded with cash on hand, with full payment on delivery, according to a Wednesday filing on the Tokyo Stock Exchange.
The proceeds from the disposition are scheduled to be allocated toward the acquisition, while a portion of the gain will be partly retained and partly allocated to distributions.
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