Japanese real estate company Ichigo Inc. forecasts logging ¥12.5 billion in revenue for the second half of the 2019 fiscal year resulting from the sale of four hotels to an unnamed third-party domestic property fund.
Gross profits and net income for the six-month period are expected to reach ¥4.3 billion and ¥2.8 billion, respectively, according to a release.
Ichigo is divesting the hotels through the sale of its two wholly owned special purpose companies: GK Nagoya Sakae Holdings TK and GK Naha Holdings TK. Following the settlement of the deal Nov. 1, the units will cease to be subsidiaries of the company.
As of Oct. 16, US$1 was equivalent to ¥112.17.