JRIC : Japan Residential Investment Company Sells Branche Kanamecho IV for £3.2m
Japan Residential Investment Company has sold its Branche Kanamecho IV property (a 20 unit apartment building in Toshima Ward, Tokyo) for Yen 550m (£3.2m) excluding taxes and sale costs. This represents a 34.1% premium to the 31 May 2014 valuation, of Yen 240m, and is a 42.1% premium over the amount paid by JRIC for Branche Kanamecho IV in January 2008. The transaction is part of JRIC’s capital rotation strategy whereby certain ‘non-core assets’ are being sold and the proceeds used to purchase, what the managers consider to be, higher quality assets with greater prospects for income and capital growth. The transaction is scheduled to complete in September 2014.
Japan Residential Investment Company is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan.