ASTRO Japan Property Group has divested another office property, Yotsuya KD, in Tokyo.
The Yotsuya KD office property is a small multi-tenanted building comprising nine floors and a basement. The property was built in 1990 and is located approximately 500 metres from the Shinjuku Gyoenmae station on the Tokyo Metro Marunouchi subway line.
This is the fourth asset sold from AJA’s portfolio in the past four months, following the recent sales of the Sapporo Toys ‘R’ Us, Prime Stay Tsukiji and Akabane properties from the special purpose company JPT Scarlett Co., Ltd. (JPTS).
The sale price represents an almost 7% premium to the most recent ¥515 million AJA book value of the asset, as at 30 June 2013. The asset represented approximately 0.6% of AJA’s portfolio by book value at 30 June 2013.
After making repayment of approximately ¥332 million of debt principal required to release this asset under the loan agreement and netting against the sale proceeds the payment of loan and sale-related costs, net proceeds available to AJA are approximately ¥202 million (A$2.2 million approx. at A$=¥90).
Property Review
