Saizen REIT: Divestment of Wealth Meinohama.

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.

Saizen REIT: More buildings confirmed standing.

This is the latest from the managers:

"The property managers have managed to view a further 5 properties in Sendai and 3 properties in Morioka. In total, all 6 properties in Morioka and Koriyama, and 8 out of 22 properties in Sendai have been viewed by the property managers thus far, and preliminary reports have confirmed that these properties appear to have sustained only minor damage and are not in any imminent danger of collapse.

"To-date, we have not received any reports of tenant casualties, and none of the properties viewed appear to have been vacated.... All the 28 affected properties are located outside the evacuation zones surrounding the nuclear power plants at risk."

Of the 14 properties yet to be viewed, 9 belong to the portfolio of YK Shintoku which does not contribute to income distribution as its CMBS is in default.  Read announcement here.