Saizen REIT sells Rise Kojo Horibata

The property was sold to an independent private investor for a cash consideration of S$1.4 million.

Yugen Kaisha Shinzan entered into a sale and purchase agreement for the divestment of Rise Kojo Horibata on 30 August 2012. The divestment was completed on the same day upon the payment of the full amount of the RKH sale price by the buyer.

The announcement said that the divestment offers Saizen REIT an opportunity to realise RKH at a good price, and to rebalance its property portfolio with a view to enhancing the overall quality and growth potential.

RKH, located in Kumamoto, was built in March 2004 and comprises 12 residential units and 6 car parking units. It contributed about 0.2% of Saizen REIT’s unaudited annual revenue in the financial year ended 30 June 2012.

The divestment is not expected to have any material impact on the financial position of Saizen REIT given the small size of RKH relative to Saizen REIT’s entire portfolio.

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