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Imperium Crown acquires two residential properties in Japan

IMPERIUM Crown's subsidiary One Room Mansion has - via its operator Godo Kaisha Threeline - entered into a sales and purchase agreement with Godo Kaisha JFA to acquire two residential properties in Tokyo for 1.76 billion yen (S$19.56 million).

The acquisition is in line with the group's new core business of property investment and property development, and its strategic plans to expand into the property sector in Japan.

It plans to establish a portfolio of property-holding assets within urban and high-density population areas in Tokyo, which will provide the group with a portfolio of income-generating property assets, it said.

The amount was based on an independent valuation of the properties by Savills Japan of 1.769 billion yen.

The acquisition is being financed by internal funds and bank borrowings by the group.