AmProp acquires apartment units in Tokyo for RM63.3m
By Sangeetha Amarthalingam / theedgemarkets.com | April 22, 2015 : 7:58 PM MYT Share on facebookShare on twitter Printer-friendly versionSend by emailPDF version KUALA LUMPUR (April 22): Amcorp Properties Bhd (AmProp) ( Financial Dashboard), the property arm of Amcorp Group Bhd, is acquiring 62 apartment units in a mixed use building known as Court Annex Roppongi in Tokyo, Japan for 2.06 billion yen (RM63.3 million).
Totalling about 1,963 sq m or 40% of net rentable area (NRA), the apartments are currently leased to Asahi Homes and are operated as service apartments.
In a statement today, AmProp (valuation: 2.1; fundamental 2.4) said the company, via its co-investment with Grosvenor Asia Pacific Ltd and Nan Fung International Holdings Ltd of Hong Kong, has signed an agreement for the proposed acquisition.
"The property is part of a proposed redevelopment scheme arranged by Japan’s Nomura Real Estate Development. Post city planning approval from the Tokyo government, the proposed redevelopment scheme aims to transform the subject building and surrounding areas within its vicinity into a mixed used development comprising retail, office and residential units with parking bays with a gross floor area of about 95,000 sq m and a NRA of about 60,000 sq m," said AmProp.
"By participating in the redevelopment scheme, each participant would obtain an interest in the new development with the ability to dispose its interest then, or choose to remain until the completion of the project in 2022 to take delivery of the units allocated in the new development," it added.
The redevelopment site is located adjacent to the prominent Roppongi Hills development, one of Japan’s largest integrated developments housing the offices of local and international corporates such as Goldman Sachs, Lenovo, BASF, as well as the Grand Hyatt Hotel. The Roppongi area is a busy and trendy district in Tokyo, serving as an international business district as well as a popular entertainment hub.
AmProp shares closed down 0.98% at 1.01 sen today, bringing it to a market capitalisation of RM598.01 million.
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dragonking
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Posted by dragonking > 2015-04-17 09:30 | Report Abuse
long live amprop