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.