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International

Thakral invests in 6th Osaka property

By Stanislaus Jude Chan

/ The Edge Singapore |

January 31, 2018 5:56 PM SGT

SINGAPORE (Jan 31): Thakral Corporation on Wednesday announced it has invested another office building in Osaka, Japan.

The nine-storey Legal Itachibori Building will be Thakral’s sixth investment property in Japan, all located in Osaka.

The building has a gross building area of around 5,618 sq m and a net rentable area of 3,869 sq m. It currently has an occupancy rate of 82%.

The investment will be made through Thakral’s 50%-owned pooled investment vehicle, Thakral Japan Properties (TJP).

In a filing to SGX on Wednesday, Thakral did not disclose the investment amount.

However, the group says the investment has been funded by the shareholders of TJP in proportion to their shareholding against subsequent issue of equity shares in TJP.

Thakral adds that the investments are expected to generate positive returns for shareholders as it expects Japan’s real estate market to stay upbeat.

“The growth in tourism here has led to greater demand for hotels. Its office market is now showing stronger rental growth backed by solid demand and limited supply in the market, attracting both domestic and overseas investors,” Inderbethal Singh Thakral, Thakral’s chief executive officer.

“Aside from properties catering for the rising tourist numbers, we have chosen to invest in quality office buildings as these remain the preferred asset class for global investors. We are therefore confident of the strategic value of our Japanese real estate portfolio,” he adds.

This story, written by Stanislaus Jude Chan for The Edge Singapore, first appeared on Jan 31.

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