They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

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Saizen REIT: Divestment of Club House Kikugaoka.

Tuesday, March 29, 2011

Club House Kikugaoka
Saizen REIT has divested another property, Club House Kikugaoka, and this one is in Kitakyushu, was built in March 1991 and comprises 25 residential units and 26 car parking lots. It was sold to an independent private investor for a cash consideration of JPY 230,000,000 (S$3.6 million). The sale price was at the property's exact valuation.

The loan of YK Shintoku went into maturity default in November 2009. YK Shintoku is currently carrying out a progressive and partial sale of its properties to reduce the absolute amount of its loan so as to make the refinancing of the loan more acceptable to lenders.


Anonymous said...

I wonder how much more to go before they clear up the default loan & accelerated interest ?


AK71 said...

Hi SnOOpy168,

There is a tipping point when banks would finally find it "safer" to give a loan to the REIT to clear up YK Shintoku's CMBS, the last thorn left in the REIT's side.

Where exactly is that point? I can only say that with each successful divestment, it is getting nearer.

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