Starhill Global REIT Closes 6.2 Billion Yen Tokyo Property Sale
MT Newswires
Yesterday
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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.