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Astro Japan seeks ASX delisting after ¥38B portfolio sale completion

Astro Japan Property Group has filed a request to be delisted from The Australian Securities Exchange Ltd., following the completion of the ¥37.91 billion divestment of its entire portfolio to funds managed by Blackstone Real Estate.

The proposal, which already secured the ASX's in-principle approval, will lead to the removal of the company from the bourse's official list, subject to the successful distribution of proceeds from the transaction to eligible security holders.

Once delisted, the winding up process for the two trusts that comprise the company, Astro Japan Property Trust and Astro Japan Property Group Ltd., will begin. While the wind-up of Astro Japan Property Group Ltd. still requires approval, Astro Japan Property Trust's liquidation is expected to deliver a per-security distribution of between 11 Australian cents to 12 cents from any surplus asset. Its completion is slated for late November or early December.

Also facing liquidation is the responsible entity of the trust, Astro Property Management Ltd. The process is expected to result in a per-security distribution between 14 cents and 17 cents, the company indicated earlier.

Astro Japan said its delisting is temporarily on or around the Oct. 10 market close, the same day proceeds from the Blackstone deal will be distributed to eligible security holders.

As of Oct. 3, US$1 was equivalent to ¥112.75.