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FINWIRES

Heiwa Real Estate REIT to Sell Residential Assets For 5.55 Billion Yen

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-- Heiwa Real Estate REIT (TYO:8966) will sell two residential properties in Tokyo for a combined 5.55 billion yen, aiming to realize gains and strengthen its portfolio, according to a Monday filing on the Tokyo Stock Exchange.

The REIT will dispose of HF Nishi-Shinjuku Residence West for 3.5 billion yen and HF Nishi-Shinjuku Residence East for 2.05 billion yen. The assets have book values of 1.86 billion yen and 1.1 billion yen, respectively, implying estimated gains of 1.58 billion yen and 921 million yen.

The REIT will sign the agreement on April 27, with settlement and delivery scheduled for May 29. The buyer, a domestic special-purpose company, was not disclosed. The transaction will be settled in a lump sum at delivery.

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