Ascott Residence Trust to divest interests in Japan rental housing properties for $153.6 mil

SINGAPORE (April 13): Ascott Residence Trust (ART), through its wholly-owned subsidiary Zenith Residences Tokyo Tokutei Mokuteki Kaisha (Zenith TMK), has agreed to divest its trust beneficiary interests (TBI) of 18 rental housing properties under Zenith TMK’s portfolio in Tokyo, Japan, for 12 billion yen (approximately $153.6 million) to Nikko Zenith GK9.

The properties’ apartment units range from 12 units for Zesty Akebonobashi, to 76 units for Gala Hachimanyamai I. 

In a Thursday aftermarket announcement, ART’s manager says Nikko Zenith GK9 has paid a deposit equivalent to 10% of the sale price into an escrow account.

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