ASX-listed Astro Japan Property Group has sold an office property in Tokyo for ¥655 million ($A6.9 million).
The property interest sold was the Daikanyama Takara office property, a four-storey multi-tenant office building that was built in 1991.
AJA’s interest in the building was held through the Japanese special purpose company (SPC), JPT Scarlett Co., Ltd. (JPTS).
This is the fourth asset sold from the JPTS portfolio in the past 10 months, following the recent sales of the Sapporo Toys ‘R’ Us, Prime Stay Tsukiji and Akabane properties.
The sale price represents a 1.3% premium to the most recent ¥646 million AJA book value of the asset, as at 31 December 2013. The asset represented approximately 0.8% of AJA’s portfolio by book value at 31 December 2013.
AJA senior advisor Eric Lucas said with this latest sale of a non-strategic asset from JPTS, the group continues to deleverage and reduce the number of assets in AJA’s most cumbersome and expensively financed SPC.
“This gives us an increasing number of options as we look towards JPTS loan maturity in April next year.
“In addition to our ongoing pursuit of similar sales, especially within JPTS, we continue to concentrate on opportunities presented by an improving debt market to make changes to the structure and terms of the liabilities of other SPCs into which AJA is invested.” Lucas said.
Property Review
