Straits Trading : buys Japan property for 925m yen Business Times (Print)

,

925m. yen .,

By Jamie I:...

teeJamreO"sph.com,sg

@JamleLeeBT

Singapore

PROPERTY flnn Straits 'Fradmg C:0tn­ pany on Wednesday said It plans ta buy f0r 925 million-yen (8$11.o mil­ lion) the rlghts,to a _rental re;s.ldeijtlal p'J'eperty1nOsaka, Japan.

The propert:Y Splendid Natriba U, IS a 14-storey freehold renta:I resld­ tial property lacafed ln Nanlwa-ku, Osalµ, Japan.

Co.rnplete'.d In March 2015, the Ji)reperty has a net lettable. area -0f

·about 2,992.8 square metres, com­ prtslng 120 apartment units. As as ehd·Oecember 2016. the propent5' has an occu11ancy rafe'of 95 per cent Th,eproperty Is dase totJ(e metro line, and I connected t0 th:e prime shopping area of Sh1nsalbashJ ·and

Narnba business dlstrl,

'rthe transaction presents a geod opportunity to lncerporate aw.eJHoc· a.tee!, lnc0tne-prod11clng ass.et to as· smblea p0rtf0J10 of rsidentlal apart- ·

ments In key Jap_imese crues:the

cm:

m):iany;-satd In aregulatoryfiling.

The transaction Involves St11alts

Tradlng's subsidiary Straits Real Es- • te bU¥1ng all c5f two campanles,

Nikko AM J.apan Pro1ierty 1-J and Nikko AM Japan Propetity 1-U.Tn se1 In tum, own 100per trustbenefl· dary Interest in SplebQJd Namba. n.

The ttansaction wJll .be funded by Internal resources and bank borrow­ ings,

llte compy. se11arately said an Indited subsidiary ef the compan•

. SRE CapiUO, rs •intended to be1•·ap­

pointed as investment adviser by Nlkktt·ASset Management Asia for the NtkJ(:oAM-Straits Trading Asia F.x Ja­ pan Relt ITF.

no

"The terms of the f n'lestment ·ad­ Msor,y agreement are e.urrently belng negotlat,ed by SRE Capital and Nllthl!iefs assurance that a defin­ itive agx;eement Will be reached."

Shares olStratts Trading closed on Wednes.da¥ at SSl.93, down haJf a cent.