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Premier Investment divesting Tokyo mixed-use building for ¥5.4B

Premier Investment Corp. is selling its beneficiary interest in the Premier Kaigan Building in Tokyo to a local company for ¥5.35 billion.

The property, which was valued at ¥4.92 billion as of Oct. 31, contains 5,944.76 square meters of leasable office and apartment space, as well as a parking area. The building is 98.3% occupied as of October by 18 tenants and produces ¥19 million in monthly rent.

The building is scheduled to change hands Jan. 30, 2019. Premier Investment will use proceeds from the sale to fund repayment of interest-bearing liabilities.

As of Dec. 14, US$1 was equivalent to ¥113.41.