Astro Japan Property Group
(ASX:AJA) has completed its purchase of a ¥10 billion shopping mall in Japan. In Australian currency, that works out to be $121 million.
The property which the company acquired is the FKD Shopping Plaza in Utsonomiya City, approximately 100 km north of Tokyo (or 1 hour by train).
Astro Japan says the ¥10 billion purchase price is around a 2% discount to the independent valuation of ¥10.2 billion.
The company purchased the shopping mall from Fukudaya, the largest local retailer in the North Kanto region – and it will be leased back to Fukudaya under a 30 year lease.
Yesterday, Astro Japan shares closed 2.13% higher at $6.70.
