The Straits Trading Company’s subsidiary is acquiring a 98.5% stake in SIM Residence One, the company that owns 100% trust beneficiary interest in a rental residential apartment in Tokyo. According to Straits Trading, the transaction is worth about 448 million yen ($5.408 million).

Located in Nerima-ku, the 96-unit freehold property has a net lettable area of approximately 21,517 sq ft and an occupancy rate of 99% as at Aug 31. According to Straits Trading, the six-storey property, which was completed in 1991, is a nine minutes’ walk away from the Sakuradai and Shin-Egota stations. The façade and lobby areas of the property were refurbished in 2015.

Straits Trading says that the strategically located property appeals to corporates and young professionals and provides asset diversification, which will improve the profile of its subsidiary’s existing portfolio.