Thakral completes Japan commercial property divestment
Thakral Corporation has completed the sale of its Yotsubashi Nakano Building in Osaka, Japan, for $46.2 million (JPY5.3 billion). This divestment generated approximately $6.4 million in cash flow and a one-off profit of around $2 million. CEO Inderbethal Singh Thakral stated that the proceeds will enhance the company's balance sheet and allow for reinvestment in new opportunities. The property, which has a land area of 806 sq. m. and a gross floor area of 7,925 sq. m., maintains a 100% occupancy rate. Thakral will retain exposure to the Osaka office market through its remaining properties.
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)
