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Roxy-Pacific unit to sell retail building in Japan for 8.7 billion yen

PROPERTY and hospitality group Roxy-Pacific Holdings on Friday announced it has entered an agreement for the disposal of its retail building in Japan for 8.7 billion yen (S$113 million).

The building, located in Tokyo's Ginza district, was sold through its indirect associate Leon TMK, held through indirect associate Nigella SG Pte Ltd.

The sale is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending Dec 31, 2020.

On June 27 last year, the company announced it was purchasing a retail building located in the same Ginza district, through the same indirect associate Leon TMK, for six billion yen.

However, Roxy-Pacific did not disclose in its latest announcement if it was selling the same building.

Roxy-Pacific shares closed unchanged at 36.5 Singapore cents on Friday.