News

Commercial Property

Staff Reporter

, Singapore

Published:

8 months ago

Photo by Expect Best from Pexels

Thakral completes Japan commercial property divestment

The asset has a land area of 806 sq. m. and a gross floor area of 7,925 sq. m.

Thakral Corporation has completed the divestment of its commercial building, Yotsubashi Nakano Building, in Osaka, Japan, for $46.2m (JPY5.3b).

The sale has generated around $6.4m in cash flow and generated a one-off attributable profit of approximately $2m.

Inderbethal Singh Thakral, CEO and executive director of Thakral Corp, said the proceeds will strengthen the company’s balance sheet and enable it to redeploy capital into opportunities.

The asset has a land area of 806 square metres (sq. m.) and a gross floor area of 7,925 sq. m., and maintains a 100% occupancy rate as of the first half of the year.

The company will continue to maintain exposure to the Osaka office market through its remaining five office and one hotel properties.

($1=JPY114.6)

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