The Daikanyama property is located in the Ebisu district in the Shibuya-ward in Tokyo. It is a three storey building that has 8,087 sq ft of net lettable area (NLA) for retail and office use. It accounts for 0.5% of the REIT’s asset value and 0.4% of its portfolio net property income (NPI).
The manager of Starhill Global REIT, on Dec 30, announced that its Japan subsidiary entered into a sale and purchase agreement (SPA) to divest its entire beneficial interests in the Daikanyama property for a cash consideration of JPY1.88 billion ($18.9 million).
The consideration represents a premium of 39.1% to the property’s latest valuation of JPY1.35 billion as at June 30. The price also represents a premium of 2.9% to its acquisition price of JPY1.82 billion.
