Thakral acquires three more properties in Japan for $66 mil
By Timothy Tay
/ EdgeProp |
Singapore-listed property investment company, Thakral Corporation, has expanded its portfolio of Japanese properties with the recent acquisition of three new properties in Osaka, Japan, for JPY 5.46 billion ($66 million). The acquisitions were funded by bank borrowings, internal company resources, and co-investors.
A new pooled investment structure was set up to acquire two properties – the Hotel WBF (White Bear Family) Namba Motomachi, and an office building, Utsubo East Building. Separately, the Legal Itachibori Building, another office building, has been acquired from an existing pooled investment vehicle.
The Hotel WBF (White Bear Family) Namba Motomachi (Pictures: Thakral Corp)
The hotel property is relatively new and has 111 rooms comprising 26 double, 84 twin, and one larger accessible twin room. The property is purchased on a fixed leaseback for five years from the current operator, White Bear Family, which operates 30 hotels across six prefectures in Japan, including 11 in Osaka.
Utsubo East Building is a freehold office building in Osaka’s Central Business District. It has a gross floor area (GFA) of 53,820 sq ft, and an occupancy rate of 98%.
Legal Itachibori Building, also located in Osaka’s CBD, has a GFA of 60,280 sq ft and an occupancy rate of 75%.
Legal Itachibori Building
“We will continue to look for more properties especially in the office and possibly in the retail sector in Osaka. We are optimistic that the investments will deliver positive returns and yield capital growth over time to enhance shareholder value,” says Thakral Corporation’s CEO, Inderbethal Singh Thakral.
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