THE Singapore stock exchange listed Allco REIT has extended its reach into Japan through the acquisition of a commercial office building.
The trust has paid ¥6.5 billion ($S82.4 million) for the
Allco REIT has bought the property from Yugen Kaisha Turtle Property with an assumed initial property yield of 5.19% for the first 12 months.
The acquisition will provide Allco REIT with a strategic foothold in
The purchase is a discount to an independent valuation of ¥6.57 billion ($S83.3 million) as at May 30 2007 by K.K.
Located at 15, Nankokita 1-chome, Suminoe-ku in
The property also has two basement parking areas with multiple mechanical car stackers providing 234 car parking spaces.
The transaction is expected to take place on or around August 10 2007.
Australian Property Journal