ASTRO Japan Property Group has sold a residential asset from its 36 asset portfolio – Prime Stay Tsukiji – for ¥750 million ($A8.2 million approx).
The sale price represents an almost 14% premium to the most recent ¥659 million AJA book value of the asset, as at 30 June 2013. The asset represented just under 0.8% of AJA’s portfolio by book value at 30 June 2013.
After making repayment of approximately ¥568 million of debt and sale-related costs, net proceeds available to AJA are approximately ¥154.8 million (approx. $A1.7 million). These funds will be used for capital management purposes.
The property interest sold was a strata title interest in the Prime Stay Tsukiji residential property, which is an 11-storey multi-tenant residential property. The property was built in 1986 and is located in Central Tokyo, approximately 190 metres from the Tsukiji station on the Hibiya subway line. JPTS owned the 5th floor through 11th floor and part of the third floor and the fourth floor, which represented 67.74% of the whole property.
Property Review
