Hanwell acquires property in Osaka for 575 million yen

HANWELL Holdings is acquiring a property in Osaka, Japan for 575 million yen (S$6.9 million) in line with its strategy to redeploy capital into potentially higher return real estate opportunities.

The sale and purchase agreement for the property purchase that comprises a five-storey building with an underground basement was entered into by Hanwell's indirect wholly owned subsidiary on Friday.

The property will be utilised as a stepping stone to expand its food business in Japan and has the potential to be a "core investment", said Hanwell.

It is strategically situated in the entertainment area of Dotonbori - Osaka's famous tourist destination that offers lifestyle, food and beverage amenities.

The acquisition will be funded by internal resources, payable upon completion of certain milestones.