This article is from the Australian Property Journal archive
BABCOCK & Brown Japan Property Trust has sold the Sun property in Tokyo, Japan for ¥6.2 billion ($A68.1 million).
The sale of the Central Tokyo office and retail property represent a 70% premium to current BJT book value of ¥3.7 billion ($A40.1 million).
Following repayment of debt and other disposition costs, approximately ¥3.1 billion ($A34.3 million) of cash, after withholding tax, will be returned to BJT from the sale.
Following the sale, the trust’s gearing is now 55.3%.
The trust also announced yesterday it has terminated a swap agreement with Rubicon Japan Property Trust.
Earlier last month, Babcock & Brown Japan Property Trust bought 21 million units of Rubicon Japan Property Trust representing 5.1%.
BJT’s share price closed 0.5% or half a cent lower at $1.08.
Australian Property Journal
