This article is from the Australian Property Journal archive
THE Astro Japan Property Group has sold two Tokyo office assets.
AJA has sold the Kokusai Nihombashi for ¥3.75 billion ($A46 million) and Prime Tsukiji for ¥875 million ($A11 million). Financial close of both transactions has been completed.
The Kokusai Nihombashi sale price represents a 9% premium to AJA’s book value as at 30 June 2010 .The Prime Tsukiji sale price represents a 6% premium to AJA’s book value as at 30 June 2010.
Sale proceeds of ¥4.625 billion will be used, after payment of disposal costs, for the partial repayment of the JPTS loan, which will be reduced from ¥18.0 billion to ¥13.6 billion. The JPTS loan is scheduled to be re-financed in December this year.
Following the sale of Kokusai Nihombashi and Prime Tsukiji, portfolio gearing reduces to 74.4% as at 30 September 2010.
Kokusai Nihombashi is an office building constructed in 1987 and located in the Kabutocho district, the home of the Tokyo Stock Exchange. The property was acquired in January 2006 with 100% occupancy by a single tenant which vacated the property in 2009. The property interest sold was a 100% interest representing approximately 4,398 sqm of net rentable area. Kokusai Nihombashi was sold to a major Japanese company listed on the first section of the Tokyo Stock Exchange (TSE) for redevelopment purposes.
Prime Tsukiji is a nine level, multi-tenant office building constructed in 1992 and located in the Tsukiji area of central Tokyo. The property was acquired in January 2006. The property interest sold was a 100% interest representing approximately 1,330 sqm of net rentable area. Prime Tsukiji was sold to a subsidiary of a major Japanese company listed on the first section of the TSE.
Australian Property Journal
