Singapore-listed retail REIT, Croesus Retail Trust (SGX:S6NU), announced on 2 October that it has acquired two Singapore incorporated holding companies in relation to the proposed property purchase in Fukuoka, Japan.
The companies are namely Apple 1 TMK Holding Pte. Ltd. Apple 2 TMK Holding Pte. Ltd. The companies were acquired from Croesus Merchants International Pte. Ltd. The holding companies, by virtue of Japanese real estate securitisation laws, will facilitate the acquisition of Torius Property announced earlier in the week.
The REIT announced on 29 September that it has entered into a purchase and sale agreement to acquire the retail property for JPY7,997 million (SGD95.2 million). The acquisition is expected to be completed by 16 October 2015.
Croseus Retail Trust has clarified that the acquisition of the two holding companies do not have a material effect on the earnings per unit and net tangible asset value per unit in the REIT.
Units of Croesus Retail Trust last changed hands on the Singapore Exchange at SGD0.805.