Roxy-Pacific takes 49% stake in Tokyo retail building

MAINBOARD-LISTED property group Roxy-Pacific Holdings has taken a 49 per cent stake in a retail building in Tokyo, it disclosed in a bourse filing on Tuesday.

Roxy-Pacific made the purchase through an injection of roughly US$10 million in investment company Vivel SG, which paid 5.2 billion yen (S$65.7 million) for the building at 23-10 Udagawa-cho, Shibuya-Ku.

Roxy-Pacific's share of the transaction will be paid out of internal funds and bank borrowings, the company disclosed, adding that the deal is not expected to materially affect the group's consolidated earnings and net tangible assets per share for the year to Dec 31, 2020. (see amendment note)

Amendment note: An earlier version of this story wrongly stated that the deal is expected to affect Roxy-Pacific's results for the financial year. In fact, it is not expected to do so. The article has been corrected.