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Saizen REIT: Divestment of Wealth Meinohama.

Monday, March 14, 2011

Saizen REIT divested another property, Wealth Meinohama, which is located in Fukuoka, from the property portfolio of YK Shingen. It was built in December 1998 and comprises 12 residential units and 1 parking lot.

The property was sold to an independent private investor for a cash consideration of JPY 59,500,000 (S$0.9 million).  This was at a 3.1% premium to the property's valuation of JPY 57.7 million.

"The proceeds from the Current Divestment will be deployed towards Saizen REIT’s working capital until such time when they are required for other purposes, including the refinancing of the loan of YK Shintoku (if such refinancing is possible)."  Read announcement here.

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