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Saizen REIT: Divestment of Jewel Town Suehiro.

Thursday, November 11, 2010

Saizen REIT divested another property, Jewel Town Suehiro, which is located in Hakodate. It was built in August 1991 and comprises 30 residential units and 8 car park lots.

The property was sold to an independent private investor for a cash consideration of JPY 146,042,400 (S$2.3 million).  This was at a 2.1% premium to the property's valuation of JPY 143m. Selling at a premium to valuation is good news and supports the argument that there is strengthening demand for Japanese real estate.

Referring to the annual report, as of 30 June 2010, Jewel Town Suehiro was 100% occupied and brought in a total annual rental income of JPY19,327,440. This means a gross yield of 13.2%. A good deal for the buyer.

Following loan repayment from sale proceeds of the Current Divestment, the remaining balance of the YK Shintoku Loan is estimated to be approximately JPY 5.6 billion (S$88.6 million).

Taking into account applicable cash reserves of JPY 0.6 billion (S$9.5 million) maintained by YK Shintoku under the loan agreement, the net outstanding loan of YK Shintoku amounts to approximately JPY 5.0 billion (S$79.1 million). 
Read report here.

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