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Ichigo Hotel REIT launches share buyback

Ichigo Hotel REIT Investment Corp. will buy back up to 3,000 shares, with a maximum amount of ¥300 million.

The shares, representing 1.16% of the company's total outstanding shares, excluding treasury shares, will be purchased in the market from Oct. 11 to Dec. 29. The company plans to cancel the purchased shares.

The buybacks do not affect the company's earnings forecasts.

Ichigo Hotel's shares trade at a discount of more than 20% to its net asset value of ¥139,940 as of the July 2017 period-end, the company said.

As of Oct. 10, US$1 was equivalent to ¥112.02.