This article is from the Australian Property Journal archive
THE Galileo Japan Trust has refinanced short term borrowings due to mature in September 2008.
Terms have been agreed with the lender to extend the maturity of the subordinate loan totalling ¥2.64bn ($A25.9 million) to September 2009. The new blended interest rate for the two facilities from 28 September 2008 is estimated to be approximately 4.6%.
The trust has also completed the rent review at Irifune Access, an office building in Central Tokyo. The new rental equates to an increase of 15% or approximately ¥17.3 million per annum.
|
|
Previous rent |
New rent |
Variance |
|
Rent ¥ per tsubo per month |
15,000 |
17,250 |
2,250 |
|
Rent ¥ per annum |
115,560,000 |
132,894,000 |
17,334,000 |
GJT’s chief operating officer Peter Murphy said the asset management team continues to deliver excellent results in respect of office rental growth and portfolio occupancy which has consistently remained over 98% since IPO.
“GJT’s balance sheet remains strong with interest cover in excess of three times and a weighted average term to maturity of all GJT’s loan facilities of 3.5 years as at 1 July 2008 following the extension of the Suroy Mall subordinated loan facility,” he concluded.
Australian Property Journal