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Ichigo Office sells Tokyo asset for ¥4.2B, revises forecast for 6-month period

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Ichigo Office sells Tokyo asset for ¥4.2B, revises forecast for 6-month period

Ichigo Office REIT Investment Corp.'s asset manager, Ichigo Investment Advisors, has agreed to sell the Ichigo Burg Omori Building in Tokyo for ¥4.20 billion, 1.4x higher than the retail asset's book value as at Oct. 31, 2017.

The building has a total floor area of 7,411.31 square meters and a leasable area of 5,345.62 square meters. The asset is 93.6% leased with 37 tenants as of February. It generates a monthly rental income of ¥21.9 million.

Separately, the office-focused real estate investment trust is revising its earnings forecast for the six-month period ending April 30.

The company now expects both the net income and the recurring profit to come in at nearly ¥4.40 billion each from ¥2.81 billion, an increase of 56.4% from the previous projections disclosed in October 2017. The forecasts for operating revenue and profit were also raised to ¥9.08 billion and ¥5.20 billion, respectively, from about ¥7.41 billion and approximately ¥3.62 billion, while dividend per share was maintained at ¥1,940.

As of March 29, US$1 was equivalent to ¥106.34.