- The manager Saizen REIT is pleased to announce that the loan of YK Shintoku had been fully repaid on 31 May 2011.
- Following the completion of the Repayment and the cancellation of the mortgage over YK Shintoku’s property portfolio, YK Shintoku’s portfolio of 27 properties which is valued at approximately JPY 4.3 billion1 (S$65.6 million) will become unencumbered.
- Together with the property portfolios of YK Keizan, YK Shingen and GK Chosei, the total value of Saizen REIT’s unencumbered properties will amount to approximately JPY 14.9 billion (S$227.5 million).
- After the Repayment, Saizen REIT’s borrowings comprise five loans amounting to approximately JPY 9.0 billion (S$137.4 million), with the nearest loan maturity due in June 2013.
- Saizen REIT’s gearing after the Repayment is approximately 24%.
Saizen Reit Repays YK Shintoku loan:
Key Points
