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Starhill Global Reit sells Roppongi property for 2.5b yen

STARHILL Global Reit on Thursday said its manager has sold the Roppongi Terzo property for 2.5 billion yen (S$30.5 million).

Terzo is located in the Roppongi district in Minato-ku, Tokyo. The property was last valued at 2.44 billion yen, and accounts for 32.8 per cent of the Japan portfolio and 0.9 per cent of the Reit's portfolio by asset value.

The sale translates to a yield of 4.4 per cent.

The net sale proceeds would be used to repay the yen-denominated loans and set aside for working capital purposes.

"This divestment marks the third divestment in Japan in the last three years and is part of our ongoing strategy to streamline our overall portfolio and focus on our strengths," said Ho Sing, chief executive officer of manager YTL Starhill Global, in a media statement.

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