MAINBOARD-LISTED real estate firms Heeton Holdings and KSH Holdings have made their first foray into the Japanese market with the purchase of a property in Sapporo, Hokkaido, they said in a Singapore Exchange filing on Tuesday night.
The asset consisted of a 15-storey hotel building and a 14-storey building with residential and retail units, they said. A spokesman for Heeton declined to disclose the acquisition sum.
Heeton has a 20 per cent stake in the asset and KSH has 10 per cent. Their partner in the acquisition, Shikizakura Limited, holds 70 per cent, Heeton and KSH said.
They added that the hotel was operated under Super Hotel and that the property was in Sapporo's Chuo ward, in the Susukino area next to Sapporo City's central business district.
The Heeton spokesman would only say that Shikizakura was a "private investment vehicle".