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Roxy-Pacific acquires retail building in Tokyo for 6b yen
PROPERTY group Roxy-Pacific Holdings is acquiring a retail building located at Ginza, Chuo-ku in Tokyo, Japan for six billion yen (S$75.7 million), excluding consumption tax.
The purchase is being made through a unit of newly-acquired investment holdings and property investment firm Nigella SG.
Roxy-Pacific, through its wholly-owned subsidiary RPV Two Pte Ltd, acquired 53.07 per cent of Singapore-incorporated Nigella SG for 1.1 billion yen.
Nigella SG owns 100 per cent of Leon SG Pte Ltd, which in turn partly owns Leon TMK, the entity which has entered into the agreement to buy the retail building in Tokyo.
RPV Two's joint-venture partner TE2 Development owns 25 per cent of Nigella SG, and other investors own 21.93 per cent.
The cost of the acquisition of Nigella SG and Roxy-Pacific's share of the cost of the purchase of the building will be financed by internal funds and bank borrowings.