This article is from the Australian Property Journal archive
THE Galileo Japan Trust has completed the sale of its Japanese property portfolio, returning the company $275.4 million after exchanging the proceeds from Yen.
“The trade significantly reduces the foreign exchange-related volatility for the amount available for the special distributions payable to GJT unit holders,” Galileo’s chief operating office Peter Murphy said.
The sale signals the wind-up of the trust, and Galileo’s current estimate of the total special distributions is between $2.68 and $2.69 per unit on the yen exchange rate that the acquisition returns were converted from.
“The change in the current estimate of the total special distributions from our previous estimate of $2.79 at 30 June 2016 is substantially due to the unfavourable AUDJPY exchange rate movement since that date,” Murphy said.
As well as the special distributions, GJT expects to pay an ordinary distribution for the period from 1 July 2016 through the wind-up of GJT, currently estimated to be between 3.0 and 4.0 cents.
Australia Property Journal
