Polaris : Closes Purchase of Central Sapporo Hotel Along with Attractive Bank Financing
December 28, 2021 at 02:27 am EST
Share
December 28, 2021
FOR IMMEDIATE RELEASE
Company Name: Polaris Holdings Co., Ltd.
Representative: Atsuo Umeki, President and Representative Director
Stock Listing: Tokyo Stock Exchange, Second Section
Stock Code: 3010
Inquiries: Satoshi Hosono, Director and CFO (TEL: 03-5822-3010)
Polaris Closes Purchase of Central Sapporo Hotel Along with Attractive Bank
Financing
Polaris Holdings Co., Ltd. (hereinafter, "Polaris" or the "Company") announced today that Tenjin Hotel Management LLC, the Company's consolidated subsidiary, consummated a new 5-year loan agreement (hereinafter, the "Agreement") with the Tokyo Branch of Deutsche Bank AG (hereinafter, "Deutsche Bank"). "") The loan was in the amount of JPY2.5 billion which was used to quickly close on the opportunistic purchase of the Fino Hotel Sapporo Odori(hereinafter, "Fino Sapporo" or the "Property").
1. Summary
Polaris completed the acquisition of the Property and is now the owner and operator of the Property consistent with the Company's business strategy to take advantage of opportunities during the current dislocated hospitality environment. Tenjin Hotel Management LLC will utilized the JPY2.5 billion additional financing from Deutsche Bank to help generate attractive investment returns for the Company. . Tenjin Hotel Management LLC will also enter into a property level asset management agreement with Star Asia Asset Advisors, an affiliate of Star Asia Group (hereinafter, "SAAA"), to manage the TBI as well as the asset manage the Property.
2. Outline of the Agreement
(i)
Lender
Tokyo Branch of Deutsche Bank Aktiengesellschaft (Deutsche Bank)
(ii)
Borrowing amount
JPY2.5 billion
(iii)
Term
December 28, 2021 to December 30, 2026
(iv)
Establishment of
Yes
collateral rights
3. (4) Outline of counterparty
(i)
Name
Tokyo Branch of Deutsche Bank Aktiengesellschaft (Deutsche Bank)
(ii)
Address
Sanno Park Tower, 2-11-1Nagata-cho,Chiyoda-ku, Tokyo
(iii)
Positions and names
Representative and Manager of Tokyo
of representatives
Branch: Tamio Honma
Business descriptions
Deutsche Bank's operation base in Japan Provision of foreign exchange
(iv)
services, cash management, overall corporate banking services including
foreign trade financing, real estate financing, agent services, etc.
(v)
Date of establishment
June 22, 1971
(vi)
Relationship between
Capital
Not applicable
relationship
- 1 -
the Company and this
Human
Not applicable
company
relationship
Business
Not applicable
relationship
Applicability
to
Not applicable
related parties
4.
Schedule
(i)
D a t e
o f
Dec 24, 2021
a g r e e m e n t
(ii)
I m p l e m e n t a t i o n
Dec 28, 2021
d a t e
o f
t h e
b o r r o w i n g
5.
Outlook
The Group has decided to postpone disclosure of its consolidated forecast due to the current difficulty of reasonably forecasting the impact of the COVID-19 pandemic on the Group's business activities in the fiscal year ending March 31, 2022. The Group will promptly announce the forecast as soon as disclosure becomes possible.
NOTE: This is an English translation summary of the Company's announcement in Japanese. No assurances or warranties are given for completeness or accuracy of this English translation summary.
- 2 -
Attachments
Original Link
Original Document
Permalink
Disclaimer
KACHIKAIHATSU Co. Ltd. published this content on 28 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 December 2021 07:26:01 UTC.
Polaris Holdings Co Ltd, formerly Kachikaihatsu Co Ltd, is a Japan-based company mainly engaged in the hotel business and the real estate business. The Company operates through two business segments. The Hotel segment is involved in the hotel management, consultancy, operation and franchise business. The Real Estate segment operates in five kinds of businesses. The real estate leasing business is involved in the leasing and operation of office buildings and condominiums. The real estate trading business is involved in the purchase and sale of office buildings and condominiums. The real estate development business is involved in the provision of information collection, survey, analysis, planning and construction services. The real estate investment business is involved in the investment of silent partnership in special purpose company (SPC) that holds trust beneficiary rights. The real estate management business is involved in the trust of the operation management business.