Astro Japan Property Group Ltd (ASX:AJA) has signed contracts to invest in a large shopping mall, near Tokyo in Japan, for ¥10 billion.
This works out to be AU$117.6 million at today’s exchange rate, and this shopping mall will be the third largest in Astro Japan’s portfolio.
Settlement is expected to occur on 11 April, and the company says details of the transaction will remain confidential until then.
The company says the purchase will be funded with ¥10 billion yen worth of debt, and a ¥3.26 billion equity investment by Astro Japan. The company also says the mall will be operated under a 30 year lease.
In early March, New York-based Lone Star Funds made a take-over offer to Astro Japan. However, Astro Japan has turned down that offer.
This morning, Astro Japan shares are tracking 0.63% higher at $6.41.