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Invincible Investment to sell 6 Japanese residential assets for ¥7B

Invincible Investment Corp. is selling the trust beneficiary interest of six residential properties in Japan to an undisclosed buyer for an estimated sum of ¥6.97 billion.

The sale is expected to take place Dec. 28, and the price exceeds the assets' book value by 36%, the company said in a release.

The company is divesting Harmonie Ochanomizu, Growth Maison Ikebukuro, Capital Heights Kagurazaka, Casa Eremitaggio, Lexel Mansion Ueno Matsugaya and Sun Terrace Minami-Ikebukuro.

Proceeds from the disposals will fund Invincible Investment's acquisition pipeline. The company has a memorandum of understanding on preferential negotiation rights, covering 21 hotel properties and nine residential assets, with affiliates of its sponsor Fortress Investment Group LLC.

As of Dec. 20, US$1 was equivalent to approximately ¥113.32.